Which of the following is the most commonly used method for assignment of joint costs?
a. Relative percentage of direct costs basis
b. Split-off method
c. Average production cost
d. Relative sales value
d
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Bing's Export Co purchased a new delivery truck at the beginning of 2015 . The truck has a cost of $37,000, an estimated life of 5 years, and an estimated residual value of $7,000 . A full year's depreciation expense is to be recorded in 2015 . The truck was driven 20,000 miles during 2015 and 24,000 miles during 2016 . The number of expected miles over five years is 100,000. Refer to information
for Bing's Export Co What is the amount by which double-declining-balance depreciation exceeds straight-line depreciation over the 5-year life of the truck? a. $ -0- b. $ 7,000 c. $37,000 d. $ 6,000
Even if a variance is insignificant, corrective action should be taken
Indicate whether the statement is true or false
Which of the following is NOT considered a minority by the Equal Employment Opportunity Commission?
a. Hispanics b. Asians c. the elderly d. women
In England, lawyers are divided into two groups, solicitors, who represent and advise clients, and barristers, who are selected by solicitors to present a client's case in adversary proceedings, whereas in the United States lawyers are licensed to perform both functions
Indicate whether the statement is true or false