After her 18th birthday Lora may, by words or action, ratify a contract she made during the previous year
a. True
b. False
Indicate whether the statement is true or false
True
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In the perpetual inventory system, no year-end adjusting entry is necessary, as long as the physical inventory agrees with the amount reported in the merchandise inventory account
a. True b. False Indicate whether the statement is true or false
If a company is using its own data list generated by its database, it is important to parse the list to separate active customers from inactive customers so different mailers can be sent to each group
Indicate whether the statement is true or false
The following data were taken from the accounting records of a company that uses the FIFO method in its process costing system: Beginning work in process inventory: 20,000 units (materials 100% complete, conversion costs 60% complete) Started in process during the period: 80,000 units Ending work in process inventory: 30,000 units (materials 100% complete, conversion costs 70% complete) The
equivalent units are A) materials, 90,000 units; conversion costs, 89,000 units. B) materials, 100,000 units; conversion costs, 91,000 units. C) materials, 60,000 units; conversion costs, 53,000 units. D) materials, 80,000 units; conversion costs, 79,000 units.
A retailer with high seasonality can best reduce its labor costs in the peak season through _____
a. job standardization b. carefully screening employees c. developing employee performance standards d. cross-training and developing self-service options for consumers