In a job order costing system, the transfer of overhead costs to the Work in Process Inventory account must take place before product unit costs can be computed
Indicate whether the statement is true or false
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For ratification to be effective, the:
A. agent must have the capacity to complete the unauthorized act and ratify it. B. agent cannot disclose the name of the principal. C. principal must have been in existence at the time of the agent's action. D. necessity of the principal should not be served by subagents.
Both the SEC and the PCAOB require management to use the COSO framework for assessing internal control adequacy
Indicate whether the statement is true or false
A trend that is gaining wider acceptance in the 2010s is the ____ of IT, where consumer preferences drive the adoption of technology in the workplace.
A. customization B. optimization C. consumerization D. virtualization
Cost of sales is calculated by:
A) adding the cost of inventory on hand at the start of the period minus the cost of any purchases of materials during the year and then subtract the cost of ending inventory. B) adding the cost of the inventory at the start of the period plus the cost of any purchases of materials during the year and then subtract the cost of the ending inventory. C) adding the cost of the inventory on hand at the start of the period plus the cost of any purchases of materials during the year and then add the cost of the ending inventory. D) adding the cost of the inventory on hand at the end of the period plus the cost of any purchases of materials during the year and then subtract the costs of the beginning inventory.