The date the directors vote to declare and pay a dividend is called the:
A. Liquidating date.
B. Date of stockholders' meeting.
C. Date of payment.
D. Date of declaration.
E. Date of record.
Answer: D
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Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO.DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory150 units @ $10.00 5Purchase220 units @ $12.00 10Sales 140 units @ $20.0015Purchase100 units @ $13.00 24Sales 90 units @ $21.00
A. $2,850 B. $2,860 C. $2,580 D. $2,460 E. $2,590
Which of the following is a disadvantage of using newspapers as an advertising medium?
A) lack of flexibility B) high costs of advertisement space C) poor reproduction quality D) low believability E) absence of local market coverage
In a job order costing system, a separate job order cost card is used for each individual job
Indicate whether the statement is true or false
In a process costing system, each department's production costs are transferred to the next department and ultimately to the Finished Goods Inventory account
Indicate whether the statement is true or false