GAAP stands for
a. general assets and postings
b. gratefully accepted accounting practices
c. good accounting acceptability phase
d. generally accepted accounting principles
e. general administrative activity practices
d. generally accepted accounting principles
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The amount of depletion expense is determined by ________
a. multiplying the quantity extracted during the period by the depletion rate b. dividing the cost of the mineral deposit by the number of years estimated it will take to extract all the natural resources c. dividing the quantity extracted during the period by the depletion rate d. dividing the cost of the mineral deposit by its estimated size
Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000,
$60,000, and $70,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000. The journal entry to record the flow of costs into Department 1 during the period for direct materials is: A) Work in Process--Department 1 100,000Materials 100,000 B) Work in Process--Department 1 50,000Materials 50,000 C) Materials 100,000Work in Process--Department 1 100,000 D) Materials 50,000Work in Process--Department 1 50,000
Which of the following is the group given the ultimate legal authority to change management?
a. Shareholders b. Human resource managers c. The mayor in the applicable jurisdiction d. The city council in the applicable jurisdiction
When preparing the retained earnings statement, ________ is(are) subtracted in order to derive at the ending balance of retained earnings
A) net profits after taxes B) interest expense C) depreciation D) dividends