A company's month-end adjusting entry for Insurance Expense is $1,000. If this entry is not made then expenses are understated by $1,000 and net income is overstated by $1,000.
Answer the following statement true (T) or false (F)
True
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Principle factors influencing the choice of business organizational form include tax ramifications
Indicate whether the statement is true or false
Yahoo! Finance is
A) a television station dedicated to financial news reporting. B) the student edition of the Wall Street Journal. C) a feature on the PBS program, The Nightly News. D) an Internet site that provides financial information.
Total liabilities are $100,000 and total owners' equity is $200,000. What are total assets?
A) We need to know retained earnings before we can compute total assets. B) We need more information on current and long-term assets before we can compute total assets. C) $100,000 D) $300,000
Which of the following statements is correct in describing manufacturing overhead?
A. Manufacturing overhead is a period cost. B. Manufacturing overhead when combined with direct materials cost forms conversion cost. C. Manufacturing overhead consists of all manufacturing cost except for prime cost. D. Manufacturing overhead when combined with direct labor cost forms prime cost.