Dividends on investments classified as trading that have been declared as of year-end but have not yet been received should be recognized in income when
A) received as cash.
B) the new year begins.
C) declared.
D) accrued.
C
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An understatement of ending inventory in one period results in
A) an overstatement of the ending inventory of the next period. B) an understatement of gross margin of the next period. C) an overstatement of gross margin of the next period. D) no effect on gross margin of the next period.
Compare and contrast the following terms: a. Trade discount and sales discount. b. FOB shipping point and FOB destination
Use figures for all decimals and do not write the ______________
a. equivalent fractions b. equivalent sequence c. numerical correspondence d. equivalent correspondence
ABS specializes in repair and maintenance of industrial machines. One repair technician has been assigned to five identical grinding machines for repair and maintenance. The machine breaks down after about 20 hr of use, and breakdowns have a Poisson probability distribution. It takes 6 hr to repair a machine, and repair times follow an exponential distribution. Machine downtime costs the company $250 an hour, and the technician is paid $50 an hour. Determine the average number of machines working if the number of technicians is equal to two.
A. 3.72 B. 3.21 C. 2.32 D. 1.32