The costs of operating a purchasing department are necessary to the purchasing of inventory therefore; those costs should be allocated to inventory
Indicate whether the statement is true or false
False
You might also like to view...
Explain the shell company fraud
A systematic relationship between two variables in which a change in one implies a corresponding change in the other is called covariance
Indicate whether the statement is true or false
To maintain balance sheet equality, it is necessary to report every event and transaction in a dual manner. If a transaction results in an increase in a Liability account, then which of the following must occur, to maintain the balance sheet equation?
a. decrease another liability. b. decrease shareholders' equity. c. increase an asset. d. all of the above will maintain the balance sheet equation e. none of the above
Presently, the dominant body in the development of accounting principles is the
A) American Institute of Certified Public Accountants (AICPA) B) American Accounting Association (AAA) C) Financial Accounting Standards Board (FASB) D) Institute of Management Accountants (IMA)