Always agreeing with the leader is good for ______.
a. the leader
b. the follower
c. the organization
d. none of these groups
d. none of these groups
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Answer the following statements true (T) or false (F)
1.A tariff quota is a combination of a specific tariff and an ad valorem tariff. 2.A specific tariff is expressed as a fixed percentage of the total value of an imported product. 3.The protective effect of a tariff occurs to the extent that less efficient domestic production is substituted for more efficient foreign production. 4.A tariff can increase the welfare of a "large" country if the favorable terms-of-trade effect is greater than the unfavorable protective effect and consumption effect. 5.If the world price of steel is $600 per ton, a specific tariff of $120 per ton is equivalent to an ad valorem tariff of 25 percent.
Gilday Furniture Inc produces custom furniture. Wood chips are an inevitable by-product of the cutting process, and are considered scrap. Gilday is unable to use this scrap; however, the company has an agreement to sell the scrap at market prices to a
local company that processes the wood chips to make industrial fillers. Record the entries required for scrap under each of the following conditions: (a) The revenue received for scrap is to be treated as other income. The market value of wood chips is stable and is currently $200 per ton. The company has seven tons on hand. (b) The revenue received for scrap is to be treated as a reduction in manufacturing cost, but cannot be identified with a specific job. A firm price is not determinable for the scrap until it is sold. It is eventually sold for cash of $800. (c) The revenue received for scrap is to be treated as a reduction in manufacturing cost, and five tons of scrap are related to a special job where the company made numerous round tables. The market value of wood chips is stable and is currently $200 per ton.
A 60-day note dated December 10 is due on February 10
Indicate whether the statement is true or false
Which of the following is a condition required by the SEC for the recognition of revenue?
A) Completion of goods manufactured. B) Execution of a promissory note. C) Price in excess of $100. D) Reasonable assurance of collection.