A directors' and officers' liability insurance helps an organization sue its directors and officers in case of personal negligence
Indicate whether the statement is true or false
FALSE
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All of the following items are expensed as start-up costs except
A) ?promotional costs for opening a new facility. B) ?one-time costs for conducting business in a new territory. C) ?licensing fees for starting a new franchise. D) ?accounting fees for forming a new company.
Which of the following is the correct formula for calculating cash collections from customers?
a. sales for the period plus accounts receivable at the beginning of the period b. sales for the period plus accounts receivable at the beginning of the period minus accounts receivable at the end of the period c. sales for the period plus accounts receivable at the end of the period d. sales for the period plus accounts receivable at the end of the period minus accounts receivable at the beginning of the period
In July, a company pays three years' insurance in advance. The December 31 adjusting entry is
a. Insurance Expense – Debit; Prepaid Insurance – Credit b. Prepaid Insurance – Debit; Insurance Expense – Credit c. Insurance Expense – Debit; Cash – Credit d. Prepaid Insurance – Debit; Cash – Credit
Anton believes his company's overhead costs are driven (affected) by the number of machine hours because the production process is heavily automated. During the period, the company produced 3,000 units of Product A requiring a total of 100 machine hours and 2,000 units of Product B requiring a total of 25 machine hours. What allocation rate should be used if the company incurs overhead costs of $10,000?
A. $2 per machine hour B. $80 per unit C. $2 per unit D. $80 per machine hour