Under process costing, a single Work-in-Process Inventory account is maintained for all processes, with a subsidiary ledger containing individual production cost reports for each process
Indicate whether the statement is true or false
FALSE
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Jack, an employee of Desert Sky, Inc., has gross salary for May of $9000. The entire amount is under the OASDI limit of $118,500 and thus subject to FICA. He is also subject to federal income tax at a rate of 21%. Which of the following is a part of the journal entry for accrual of the employer payroll taxes? (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) Jack's income to date exceeds the FUTA and SUTA tax income limits.
A) credit to Salaries Payable for $9000 B) debit to Cash for $6601.50 C) debit to Employee Income Taxes payable of $1890.00 D) credit to FICA-Medicare Taxes Payable of $130.50
Planning means that an organization develops objectives while in the process of taking action
Indicate whether the statement is true or false
What kind of approach is best when it comes to organizational ethics?
A. practical approach B. analytical approach C. complex approach D. all of these
The Doha Round's discussions are contentious on several major issues, including
A. industrial goods and agriculture. B. nontariff barriers and agriculture. C. agriculture and intellectual property rights. D. trade barriers and duties.