A company has net income of $130,500. Its net sales were $1,740,000 and its average total assets were $2,750,000. Its total asset turnover equals 4.7%.
Answer the following statement true (T) or false (F)
False
Asset turnover = $1,740,000/$2,750,000 = 0.63
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A three-stage allocation process is used in activity-based costing systems.
Answer the following statement true (T) or false (F)
Which of the following is not true?
a. Firms reclassify gains and losses initially classified in other comprehensive income into net income when a confirming event subsequently occurs. b. Firms close amounts in other comprehensive income for a period to Accumulated Other Comprehensive Income at the end of the period. c. Net income includes gains and losses from sales or exchanges of assets or settlements of liabilities related incidentally or peripherally to the firm's core business. d. Authoritative guidance classifies gains and losses from the remeasurement of certain assets and liabilities as either net income or other comprehensive income. e. The FASB's and IASB's conceptual framework contains a conceptual model for classifying items in net income versus in other comprehensive income.
A production report provides information about the physical units processed in a department and also about the manufacturing costs associated with them
Indicate whether the statement is true or false
The legislative body of the ILO, made up of representatives from government, labor, and management from each member state is referred to as the ________
A. General Assembly B. General Conference C. Security Council D. Secretariat