O'Hare Company is a manufacturing firm that uses a job-order costing system to determine the costs of its products. During the current accounting period, O'Hare transferred total product costs for Job #132 to finished goods. The recognition of this event would:
A. Have no impact on total assets.
B. Increase total assets.
C. Reduce net income.
D. Decrease total assets.
Answer: A
You might also like to view...
What did philosophers who espoused the “born with prior knowledge of right and wrong” school believe of the origin of the mind?
What will be an ideal response?
Conducting post completion audits to determine if short-run outcomes were achieved falls under the evaluation stage of the management process
Indicate whether the statement is true or false
When a CPA firm enrolls in the AICPA Peer Review Program, it agrees to comply with the AICPA's Quality Control Standards and to have a peer review of its accounting and auditing practice every seven years.
Answer the following statement true (T) or false (F)
What is Cornucopia's debt to value ratio?
Cornucopia's liabilities and equity are shown below: Accounts Payable $500,000 Accrued Expenses 250,000 Short-term Note at 5% 300,000 Long-Term Debt 1,250,000 Common Equity, Book Value 2,500,000 Common Equity, Market Value 6,000,000 A) .48 B) .32 C) .21 D) .30