Which of the following statements about similarities between process costing and job-order costing are true?I.Both systems assign production costs to units of output. II.Both systems require extensive knowledge of financial accounting. III.The flow of costs through the manufacturing accounts is essentially the same.
A. I only.
B. I and III.
C. II and III.
D. III only.
E. I, II, and III.
Answer: B
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What is the meaning of an account labeled "statistical discrepancy" or "errors and omissions"? If this account is a credit, what does that imply about the measurement of other items in the balance of payments?
What will be an ideal response?
When a company is confronted with a crisis management situation, it should
A. actively cooperate with authorities in the investigation. B. always have the CEO address the media and the public. C. avoid contacting large media organizations. D. accept political assistance to minimize the entire issue. E. continue with normal promotions.
Viktor says he agreed to house-sit for the Deeners for three months for $300 per month, for $900 total. The Deeners say the agreement was for $300 total
If this case went to arbitration, under which condition of contract law would the case most likely be handled? A) Capacity: Viktor would need to prove he was not of sound mind to enter into the agreement. B) Proper form: Viktor would need to produce a written contract because the amount he contends is owed him is over $500. C) Legality: Viktor would need to prove that a housesitting arrangement was an illegal arrangement. D) Acceptance: Viktor would need to produce a written contract to prove that any arrangement had been agreed to in the first place. E) Consideration: Viktor would need to prove that both housesitting and money were items of value that could be exchanged.
Section 404 of the Sarbanes-Oxley Act of 2002 includes internal control reporting requirements for both management and auditors.
Answer the following statement true (T) or false (F)