On January 15, 2011, Rockney Systems, Inc paid a cash dividend that had been declared prior to the end of its 2010 fiscal year. The entry to pay the dividends includes a debit to:
A) Cash and a credit to Dividends Payable.
B) Dividends Payable and a credit to Cash.
C) Retained Earnings and a credit to Dividends Payable.
D) Dividends Payable and a credit to Retained Earnings.
B
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CVP analysis relies on the assumptions that costs are either strictly fixed or strictly variable. Consistent with these assumptions, as volume decreases total
a. fixed costs decrease. b. variable costs remain constant. c. costs decrease. d. costs remain constant.
The level to which the inventory of an item should fall before the firm places a new order to replenish inventory is called ______.
a. the reorder point b. the holding point c. the safety stock point d. the stock-out point
Which of the following is true of good internal controls over payroll?
A) Accounting for payroll should be separate from hiring and firing of employees. B) Disbursement of paychecks should not be separate from the function of maintaining payroll records. C) Hiring and firing employees should not be separated from accounting and from disbursing paychecks. D) Cash receipts from customers should be separated from the accounting for accounts receivable.
Leased workers are precluded from being considered employees of the company for which they are doing work because they are on the payroll of an employment agency
a. True b. False Indicate whether the statement is true or false