Which of the following costs is most likely to be directly traceable to a specific department in a retail clothing store?
A. The cost of heating and air conditioning.
B. The cost of supplies.
C. Rent on the store building.
D. The cost of the department manager's salary.
Answer: D
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A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $3,600; Freight-In, $650; Purchases, $10,700; Purchases Returns and Allowances, $1,950; Purchases Discounts, $330 . The cost of merchandise purchased is equal to
a. $8,420 b. $17,230 c. $12,670 d. $9,070
The opposite of servant leadership is ______.
A. laissez-faire leadership B. path–goal leadership C. authentic leadership D. coercive leadership
On February 9, Brown, CPA, expressed an unmodified (unqualified) opinion on the financial statements of Web Co. On October 9, during a peer review of Brown's practice, the reviewer informed Brown that engagement personnel failed to perform a search for subsequent events for the Web engagement. Brown should first:
A. Assess the importance of the omitted procedures to Brown's present ability to support the opinion. B. Request Web's permission to perform substantive procedures that would provide a satisfactory basis for the opinion. C. Take no additional action because subsequent events have no effect on the financial statements that were reported on. D. Inquire of Web whether there are persons currently relying, or likely to rely, on the financial statements.
Cavco Construction divests funds from its commercial property ventures to invest in gated community properties close to New York, signaling a change of strategy. Which of the following statements about Cavco is most likely true?
A. Cavco is merely fine-tuning its existing strategy to test efficiency. B. Cavco is marshalling resources to support a new strategic initiative. C. Cavco is hampering work climate conducive for good strategy execution. D. Cavco is impeding the efforts to proficiently execute the strategy. E. Cavco is focusing on activities that are a low priority in the strategy execution effort.