The direct charge-off method of recognizing uncollectible accounts is not in accordance with generally accepted accounting principles
Indicate whether the statement is true or false
True
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James Corporation's controller has developed the cost and usage data listed below in preparation of standard unit cost information for the coming year. Direct materials quantity standard 5 pounds per product Direct labor time standard 3 hours per product Direct materials price standard $9 per pound Direct labor rate standard $8 per hour Standard variable overhead rate $10 per labor hour Standard
fixed overhead rate $11 per labor hour Using the above information provided for James Corporation, the standard unit cost for direct materials is A) $45. B) $10. C) $24. D) $33.
Assuming that the Morocco Desk Co purchases 8,000 feet of lumber at $6.00 per foot and the standard price for direct materials is $5.00, the entry to record the purchase and unfavorable direct materials price variance is:
A) Direct Materials 40,000Direct Materials Price Variance 8,000Accounts Payable 48,000 B) Direct Materials 40,000Accounts Payable 40,000 C) Direct Materials 48,000Direct Materials Price Variance 8,000Accounts Payable 40,000 D) Work in Process 48,000Direct Materials Price Variance 8,000Accounts Payable 40,000
Our ability to negotiate, resolve conflicts, and understand the goals of others is called ___________.
What will be an ideal response?
Gitis, Inc uses the direct method to prepare its statement of cash flows
Use the following information reported for 2017: Sales Revenue, $43,000 Interest Revenue, $600 Accounts Receivable, beginning balance, $13,400 Accounts Receivable, ending balance, $26,000 There were no amounts reported for Interest Receivable. Compute the total cash receipts. A) $26,000 B) $56,400 C) $31,000 D) $13,400