A cost accumulation system should most likely be reevaluated when a company has
a. automated one or more production processes.
b. introduced new products to its customers.
c. had its industry deregulated.
d. all of the above.
D
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Match each of the following terms with the appropriate definition.________ (1) Direct materials________ (2) Indirect costs________ (3) Product costs________ (4) Prime costs________ (5) Fixed costs________ (6) Direct labor________ (7) Period costs________ (8) Conversion costs________ (9) Factory overhead________ (10) Variable costs(a) Costs that are expensed to the income statement in the period incurred..(b) Costs that change in proportion to changes in volume of activity.(c) The efforts of employees who physically convert materials to finished products.(d) Manufacturing costs that cannot be separately or readily traced to finished goods.(e) Costs necessary to create a product..(f) Costs incurred in the process of converting raw materials to finished
products; include direct labor and factory overhead.(g) Tangible components of a finished product separately and readily traced through the manufacturing process.(h) Costs directly associated with the manufacture of finished products; include direct materials and direct labor.(i) Costs that do not change in total with changes in the volume of activity.(j) Costs that cannot be easily and cost-beneficially traced to a single cost object. What will be an ideal response?
A stock dividend does not affect the total amount of stockholders' equity
Indicate whether the statement is true or false
Under which of the following income tax allocation orientations are only those deferred credits that can reasonably be expected to reverse in the foreseeable future recorded on the books?
a. Comprehensive allocation b. The net-of-tax method c. Partial allocation d. The new form of equities method
Rover Corporation is a regular corporation that has not elected S corporation status. In 1994,
Rover earns $100,000; in 1995, Rover distributes $50,000 to its shareholders. Which of the following best describes the tax consequences to Rover and its shareholders? A) Rover is taxed on $100,000 in 1994; the shareholders are not subject to tax B) The shareholders are taxed on $100,000 in 1994; Rover is not subject to tax C) Rover is taxed on $100,000 in 1994; the shareholders are taxed on $50,000 in 1994 D) Rover is taxed on $100,000 in 1994; the shareholders are taxed on $50,000 in 1995 E) Neither Rover nor its shareholders are subject to tax.