The wages paid to those who devote their time to supervision or to work of a general nature in the manufacturing process are included in the indirect costs of the factory operation
a. True
b. False
Indicate whether the statement is true or false
True
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U.S. GAAP specifies criteria for a capital lease. Which of the following is not one of the criteria?
a. The lease transfers ownership of the leased asset to the lessee at the end of the lease term. b. Transfer of ownership at the end of the lease term seems likely because the lessee has a bargain purchase option. c. The lease extends for at least 75% of the asset's expected useful life. d. The lease extends for at least 50% of the asset's expected useful life. e. The present value of the contractual minimum lease payments equals or exceeds 90% of the fair value of the asset at the time the lessee signs the lease using a discount rate appropriate for the creditworthiness of the lessee.
Pioneer or breakthrough products
A. will likely result in late maturity buying. B. require the use of concept testing services. C. must be geographically centered. D. incorporate reverse engineering outputs. E. can change consumer preferences.
Which of the following is a weak internal control over cash collections from receivables?
A) The credit department should have no access to cash. B) A credit department should evaluate customers' credit applications to determine whether they meet the company's approval standards. C) A company should have written approval standards for processing customers' credit applications. D) In order to avoid losing sales, all customers' credit applications should be approved.
Piekos Corporation incurred $90,000 of actual Manufacturing Overhead costs during June. During the same period, the Manufacturing Overhead applied to Work in Process was $92,000. The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:
A. debit to Manufacturing Overhead of $92,000 B. credit to Work in Process of $90,000 C. debit to Work in Process of $90,000 D. credit to Manufacturing Overhead of $92,000