Neither U.S. GAAP nor IFRS require the use of accrual basis accounting.
Answer the following statement true (T) or false (F)
False
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Phone Tech, a global phone company, frequently needs to respond quickly to fast-changing consumer tastes with its smartphones. Therefore, Phone Tech has fewer rules and procedures than most organizations, and networks of employees are encouraged to cooperate and respond quickly to unexpected tasks and changes in technology. Phone Tech is utilizing a(n) ____ structure.
A. organic B. inflexible C. mechanistic D. hierarchical E. inelastic
A cost is classified as an overhead cost if it is not directly traceable to an end product or a cost object
Indicate whether the statement is true or false
What was the amount of net cash provided by (used for) investing activities?
Arkansas Corp. is preparing its statement of cash flows using the indirect method. It provides the following information about transactions for the year: Plant assets, net—beginning balance: $111,000 Plant assets, net—ending balance: $148,000 Equipment was purchased for $65,000 with cash. Equipment with a net asset value of $12,000 was sold for $18,000. Depreciation Expense of $16,000 was recorded during the year. A) $(47,000) B) $47,000 C) $(63,000) D) $(39,000)
Which of the following is a company that purchases raw materials and transforms it into a finished product?
a. Manufacturing company b. Service company c. Merchandising company d. Wholesale company