Compared to a general accounting system, a cost accounting system for a manufacturing company emphasizes:
A. Periodic inventory counts.
B. Products and average costs.
C. Continually updating costs of materials, work in process, and finished goods inventories.
D. Total costs.
E. Large volume operations involving standardized products.
Answer: C
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Wyoming Real Estate purchased a building for $600,000 in 2002 . At the end of 2014, when it had a book value of $450,000, it was appraised for $1,000,000 . A potential buyer offered $900,000 . Wyoming rejected the offer. What amount should is recorded on Wyoming's records at the end of 2014 in the account called Buildings?
a. $1,000,000 b. $900,000 c. $600,000 d. $450,000
In an electronic data interchange environment, the audit trail
a. is a printout of all incoming and outgoing transactions b. is an electronic log of all transactions received, translated, and processed by the system c. is a computer resource authority table d. consists of pointers and indexes within the database
The operating cycle is equal to days' sales uncollected plus days' inventory on hand minus days' payable
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. Examples of nonprofit business ventures are the retail stores operated by the Salvation Army. 2. Earning income from commercial ventures is easier than earning income from donations. 3. One step involved when creating a nonprofit business venture is to conduct a feasibility analysis. 4. A business plan is a document used for internal and external purposes. 5. One concern about earned-income strategies is they place limits on transparency due to contractual 6. Earned-income strategies may negatively impact the public’s perception of a nonprofit organization.