Which of the following below is not a characteristic of a limited liability company?
a. unlimited life
b. limited legal liability
c. taxable
d. moderate ability to raise capital
c
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The process of exploding the BOM results in a master production schedule
Indicate whether the statement is true or false
A company had a tractor destroyed by fire. The tractor originally cost $136,000 with accumulated depreciation of $69,900. The proceeds from the insurance company were $31,000. The company should recognize:
A. A gain of $31,000. B. A loss of $66,100. C. A loss of $35,100. D. A gain of $66,100. E. A gain of $35,100.
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.
A product consists of four parts. The reliability of these parts are 0.98, 0.28, 0.99, 0.99, and 0.99. Calculate and indicate product reliability.
a. 0.27% b. 0.32% c. 0.43% d. 0.21%