A departmental overhead rate:
a. is preferred to a plantwide overhead rate.
b. is an example of multiple overhead rates.
c. is more accurate than a plantwide overhead rate.
d. is calculated in the same way as a plantwide overhead rate.
e. All of the answers are correct.
e
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Forman, Inc earned $600,000 profit during 2015 . On which financial statement(s) will you find the dollar amount of the profit earned by the company?
a. Balance sheet and income statement b. Income statement only c. Statement of retained earnings only d. Income statement and statement of retained earnings
The steps involved in handling all of the transactions and events completed during an accounting period, beginning with placing data in a book of original entry and ending with a post-closing trial balance, are referred to collectively as
a. input; b. processing; c. output; d. the accounting cycle; e. none of these.
Office Plus, an office supply store, ordered 600 blank CDs from Curtis Co, a manufacturer of computer products. Office Plus placed the order using a preprinted purchase order form; Curtis acknowledged the order by sending a preprinted acceptance form back to Office Plus. Unlike Office Plus' form which says nothing about packaging, Curtis's form specifies that the CDs will be packaged in cases of
10 CDs per box, 10 boxes per case. Which statement is correct? a. The UCC does not cover computer CDs. b. Curtis's packaging term is a different term which materially changes the offer. There is no contract. c. Curtis's packaging term is an additional term and therefore a part of the contract unless Office Plus promptly objects to the term. d. The UCC does not cover the contract because both parties are merchants.
Broadnorf Warbeagle is specifically designated to receive cash benefits of $2,000 from Ferd under a contract solely between Cantwell and Ferd. Cantwell owes Broadnorf $4,000 . Ferd had never heard of Broadnorf before his recent contract with Cantwell. Warbeagle appears to be a
a. incidental beneficiary. b. creditor beneficiary. c. assignor. d. donee beneficiary.