To recognize indirect and direct factory labor cost for the month, an entry is made
a. debiting Payroll Expense, debiting Work in Process, and crediting Factory Overhead.
b. debiting Work in Process, debiting Factory Overhead, and crediting Payroll Expense.
c. debiting Work in Process, debiting Factory Overhead, and crediting Wages Payable.
d. debiting Factory Overhead, debiting Payroll Expense, and crediting Accounts Payable.
c
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Most companies tend to compete with distant competitors that are typically unlike them, rather than with close competitors
Indicate whether the statement is true or false
In a standard costing system, overhead is applied to production on a basis of:
A. the standard hours allowed to complete the output of the period. B. the denominator hours chosen for the period. C. the budgeted hours for the normal production level of activity. D. the actual hours required to complete the output of the period.
A major potential problem associated with franchising for the franchisor is that _____
a. money is obtained when goods are delivered, rather than when they are sold b. franchisees as owners have less incentive to work hard than employees c. it is difficult to set up and enforce franchise qualifications d. poorly performing franchises can undermine both consumer and investor confidence
Merit pay:
A. is a percentage of customer sales paid to the sales person B. is a lump sum bonus payment C. is pay for tenure (or length of service) in the organization D. is a type of bonus that is based on a time period and not on individual performance E. increases the annual wages of top performers and carries over from year to year