Which of the following statements is correct?
a. Traditional costing systems are comparatively expensive to develop.
b. Traditional costing systems are generally less accurate at allocating overheads.
c. Activity–based costing and traditional systems often produce different product cost information.
d. Activity–based costing is comparatively less time consuming.
c
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Inadequate disclosure generally occurs through misrepresentations about the nature and products of the company through which means?
a. Board of Directors discussion b. top management conferences c. disclosures during employee recruitment d. news reports
A claim in recoupment:
A. must arise from the transaction that gave rise to the instrument. B. can make a person a holder in due course even if he knows about it before the negotiation. C. is actually not an offset to liability, but a defense to an instrument. D. is a claim of the original payee against the obligor of the instrument.
For each of the following separate cases, use the information provided to calculate the missing cash inflow or cash outflow using the direct method.(a)Accounts receivable balances:?? Beginning of year $ 60,000? End of year 63,000?Sales revenue (all on credit) 395,000?Cash received from customers $______???(b)Accounts payable balances:?? Beginning of year $ 42,000? End of year31,000?Merchandise inventory balances:?? Beginning of year 50,000? End of year 52,500?Cost of goods sold250,000?Cash paid for merchandise inventory $ ______???(c)Interest payable balances:?? Beginning of year $ 7,500? End of year 8,200?Interest expense 31,000?Cash paid for interest $ ______
What will be an ideal response?
Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory?
A) specific identification B) weighted-average C) last-in, first-out D) first-in, first-out