In the aftermath of the Great Recession of 2008 to 2009, consumers ________
A) have become more value conscious
B) have become less value conscious
C) exhibit great interest in prestige pricing
D) show no interest in price cutting
E) rarely endorse value-for-money deals
A
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In a professional services firm, the term "overhead" refers to:
a. Expenses other than professional labor that can be traced to specific jobs. b. Indirect labor costs. c. Indirect expenses incurred to support the activities of the firm. d. Indirect expenses incurred in the factory.
Which of the following is not an application of accrual accounting?
A) Recognizing revenues when earned and expenses when incurred. B) Applying the matching rule. C) Adjusting the accounts. D) Recording on the basis of actual receipt and payment of cash.
Adjusting entries are recorded in the general journal before being entered on the work sheet
Indicate whether the statement is true or false
Kluber, Inc. had net income of $900,000 based on variable costing. Beginning and ending inventories were 55,000 units and 52,000 units, respectively. Assume the fixed overhead per unit was $1.25 for both the beginning and ending inventory. What is net income under absorption costing?
A. $900,000 B. $966,875 C. $903,750 D. $833,125 E. $896,250