Monica's husband is an accountant who keeps the books for her business. When it goes bankrupt, will Monica's husband's claim for services be allowed by the bankruptcy courts?
a. No, since he is an insider.
b. No, because it would be difficult to prove that services were actually rendered.
c. Yes, but only up to the reasonable value.
d. Yes, as long as he is not an officer of the corporation.
c
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Quantities of items shipped to a customer would typically be found in the relational table for:
a. CUSTOMERS b. SALES_RELATIONS c. BANKS d. DEPOSITS
At the beginning of the year, Barcroft Co. estimated that its total annual fixed overhead costs would amount to $25,000. Further, Barcroft estimated that its volume of production would be 2,000 units of product. Based on these estimates, Barcroft computed a predetermined overhead rate that was used to allocate overhead costs to the products made during the year. As predicted, actual fixed overhead costs did amount to $25,000. However, actual volume of production amounted to 2,200 units of product. Based on this information alone:
A. Products were overcosted during the year. B. Products were costed accurately during the year. C. Products were undercosted during the year. D. The answer cannot be determined from the information provided.
A nonprofit organization does not measure profit in the same way as a firm.
Answer the following statement true (T) or false (F)
Which one of the following is most useful for measuring the bias in a forecast?
A) cumulative sum of forecast errors B) standard deviation of forecast errors C) mean absolute deviation of forecast errors D) percentage forecast error in period t