Which of the following is incorrect regarding service firms?
A. Managers of service firms need cost information to price their services, to budget and control costs, and to determine the profitability of different types of clients.
B. The primary driver used to assign costs is billable hours.
C. The accounting system will track the time and resources spent serving a specific client or account.
D. Each client or account is equivalent to a process in a process costing firm.
Answer: D
You might also like to view...
________ is a type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property.
A. Fee simple absolute B. Life estate C. Servient estate D. Fee simple defeasible
Maxie's Game World sold games to a customer on credit for $3300, terms 2/10, n/30 and the cost of the games was $2400. When recording the collection from the customer made within the discount period, in its cash receipts journal, Maxie's would enter:
A. $3234 in the Cash Dr. column, $66 in the Sales Discount Dr. column and $3300 in the Accounts Receivable Cr. column. B. $3300 in the Accounts Receivable Dr./Sales Cr. column and $3300 in the Cash Cr. column. C. $3234 in the Cash Dr. column and $3234 in the Accounts Receivable Cr. column. D. $3300 in the Cash Dr. column. $2400 in the Sales Cr. column, and $2400 in the Cost of Goods Sold Dr./Inventory Cr. column. E. $3300 in the Cash Dr. column and $3300 in the Accounts Receivable Cr. column.
Treasury shares represent the:
A) number of previously issued shares that have been repurchased by the corporation. B) number of shares that the corporation has sold. C) number of shares that are currently held by stockholders. D) maximum number of shares that can be sold by the corporation.
Writing a message with a reading index appropriate to the audience guarantees that the message will be understood
Indicate whether the statement is true or false