Which of the following is a critical characteristic of good information?
A. accuracy
B. abundance of details
C. quantity
D. ease of creation
E. inexpensive
Answer: A
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In a perpetual inventory system, costs of goods sold are accumulated in the cost of goods sold account as sales occur during the year
a. True b. False Indicate whether the statement is true or false
The selling price of a product is originally greater than the variable cost of producing it. Assume that the selling price and the variable cost per unit both increase 20% and fixed costs do not change. What is the effect of this change on the contribution margin per unit and the contribution margin ratio?
a. Contribution margin per unit and the contribution margin ratio both remain unchanged. b. Contribution margin per unit and the contribution margin ratio both increase. c. Contribution margin per unit increases and the contribution margin ratio remains unchanged. d. Contribution margin per unit decreases and the contribution margin ratio remains unchanged.
Justin opened a physical therapy business in a new location and hired two well-known therapists. Once the business was up and running, Justin began work on launching a restaurant in a neighboring town. With Justin at the restaurant most days, the physical therapy business began to flounder. Which startup failure was represented in this scenario?
a. uncertainty b. process inadequacy c. inattention d. deviance
Jackson Plumbing Services earned $500 by completing a job for Smith Company. The $500 earned by Jackson Plumbing Services is its ________
A) revenue B) equity C) gain D) debt