When you place an order for items from a vendor, which one of the following QuickBooks forms would you use?
A. Receive Inventory
B. Create Invoice
C. Purchase Order
D. None of the choices are correct
Answer: C
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Gross profit less direct operating expenses equals
a. indirect operating expenses. b. gross profit. c. direct operating margin. d. net income.
Apparent authority may exist:
A. when the conduct of the principal causes a third person reasonably to believe that another has the authority to act for the principal. B. only if actual authority has been conferred on the agent. C. if a principal has unintentionally permitted third persons to believe a person is him/her agent. D. if the principal specifically describes the extent of the agent's powers in writing or orally and makes him/her a special agent.
Pearl Inc incurred overhead costs of $65,000 in May, 2014. The overhead applied on the basis of direct labor hours for May was $90,000. The company worked for 500 hours in the month. What is the predetermined overhead rate per direct labor hour?
A) $130 per direct labor hour B) $180 per direct labor hour C) $1.38 per direct labor hour D) $500 per direct labor hour
A business purchases $500 of office supplies on account. Which of the following accounts is credited?
A) Cash B) Accounts Payable C) Office Supplies D) Service Revenue