A cost can be direct or indirect. The classification can change if the cost object changes.
Answer the following statement true (T) or false (F)
True
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Requiring the mail clerk to prepare a listing of all checks received, with copies of the list going to the cashier and to accounting, is an example of which type of control?
a. Preventive. b. Corrective. c. Detective. d. Directive.
The supply chain perspective on technology suggests that:
a. network externalities are more likely to exist at the retail level than at the end-user level. b. creative destruction is more likely to apply among categories of adopters at the end-use level than elsewhere in the supply chain. c. supply and demand ultimately determine prices, just as in more conventional markets. d. incremental innovations are more likely to occur at the supplier level of the supply chain, while more radical innovations are likely to occur at the end-user level. e. although actual end-user behavior may not have changed significantly, major innovations at higher levels in the supply chain (i.e., at the level of suppliers) can be characterized as revolutionary.
On May 1, a two-year insurance policy was purchased for $45,600 with coverage to begin immediately. What is the amount of insurance expense that would appear on the company's income statement for the first year ended December 31?
A. $15,200. B. $1900. C. $45,600. D. $13,300. E. $17,100.
A trust, the purpose of which is to stop creditors of the beneficiaries from reaching the income or principal while it is in the hands of the trustee, is called a
a. living trust. b. spendthrift trust. c. living will. d. testamentary trust.