The single most important factor that influences the behavior of market interest rates is
A) inflation.
B) business profits.
C) the supply of new bonds.
D) the stock market.
Answer: A
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The auditor should have a sound basis, supported by objective evidence, regarding accounting estimates and should not fall victim to an "all estimates are subjective" argument in order to waive which of the following?
a. Contingent liability. b. Material misstatements. c. Unrecorded liability. d. Material adjustments.
The DuPont method return on assets uses two component ratios. What are they?
a. Inventory turnover ? gross profit margin b. Times interest earned ? debt ratio c. Return on equity ? dividend payout d. Net profit margin ? total asset turnover e. Return on investment ? total investment turnover
A product idea is ________
A) the way consumers perceive an actual or potential product B) the knowledge and awareness of a product among consumers C) a possible product that the company can see itself offering to the market D) a detailed version of the new product idea stated in meaningful consumer terms E) the testing of new product concepts with groups of target consumers
For work done during June, Prints Company incurred direct materials costs of $150,000 and conversion costs of $225,000. The company employs a traditional operating philosophy. At the end of August, it was determined that the Work in Process Inventory account had been assigned $2,000 of costs, and the ending balance of the Finished Goods Inventory account was $5,000. There were no beginning
inventory balances. Using the information provided for Prints Company, how much was charged to the Cost of Goods Sold account during June? A) $378,000 B) $380,000 C) $375,000 D) $368,000