Answer the following statements true (T) or false (F)
1) A process costing system is generally used by companies that produce homogeneous products.
2) Under a process costing system, product costs are accumulated with respect to jobs completed.
3) Under a process costing system, costs of completed products are transferred to the Finished Goods
Inventory at the end of the accounting period.
4) The combined production costs from all departments for completed products are transferred to the
Cost of Goods Sold account immediately after the completion of all production processes. The perpetual
inventory system is used.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
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A firm decides to issue stock, pursuant to a stock split, on a 2-for-1 basis. What entry is necessary for this issuance?
a. Retained Earnings Common Stock--Par Value b. Additional Paid-in Capital Common Stock--Par Value c. Retained Earnings Common Stock--Par Value Common Stock--Additional Paid-in Capital d. Common Stock--Par Value Common Stock--Additional Paid-in Capital Retained Earnings e. No journal entry is necessary but the par value of the stock must be restated on a per share basis.
A company has $80,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 6% of outstanding receivables are uncollectible. The current debit balance (before adjustments) in the allowance for doubtful accounts is $1,200. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for $6,000.
Answer the following statement true (T) or false (F)
Use the information in Scenario 9.4. What is the cycle length (time between orders) when orders are placed using the EOQ quantity?
A) less than or equal to 5 days B) greater than 5 days but less than or equal to 10 days C) greater than 10 days but less than or equal to 15 days D) greater than 15 days
Jamie is a 47-year-old accountant who has worked for a large software firm for more than 25 years. His performance during this time has been exceptional, and he is highly regarded by his peers. Despite this, he is notified that he is being laid off as the management wants to replace him with a younger employee. In this scenario, the management of Jamie's firm is violating _____.
A. the Family and Medical Leave Act of 1993 B. Title VII of theCivil Rights Act of 1964 C. the Fair Labor Standards Act of 1938 D. Section 2 of the Occupational Safety and Health Act of 1970