Which element below is not one of the main approaches to ethical decision making?
a. Utilitarian
b. Objectivity
c. Rights
d. Justice
b. Objectivity
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The accounting practice of ____________________ states that we should never anticipate gains, but always anticipate and account for losses
Fill in the blank(s) with correct word
Cost of goods sold is budgeted at 40% of sales, and the inventory at the end of February was $34,000. Desired inventory levels at the end of each month are 10% of the next month's cost of goods sold. What is the desired beginning inventory on June 1?
Seaworthy Company, a merchandising company, has prepared the following sales budget:
A) $24,800
B) $9640
C) $96,400
D) $9920
Which of the following does not accurately characterize the IFAC?
a. It produces international financial reporting standards. b. Its guidelines cannot be imposed on any member organization or nation. c. Its board produces international standards for ethics, education, and public sector accounting. d. It produces international standards for auditing and assurance.
Compton Products Inc Compton Products Inc manufactures humidifiers. The company currently makes all of the electronic components for the humidifier itself. When 10,000 units are manufactured each year, the motor costs per unit are as follows: Direct materials $6 Direct labor 8 Variable overhead 7 Fixed overhead 9 McClintock Inc has offered to sell Compton 10,000 motors for $25 per unit. If
Compton accepts the offer, 75% of the fixed overhead currently allocated to the motors could be avoided. Refer to the Compton Products Inc information above. If Compton accepts the offer to purchase 10,000 motors from McClintock, the net income will: A) increase by $27,500. B) decrease by $17,500. C) increase by $50,000. D) decrease by $40,000.