Specific identification is:
A. a high-tech security technique for identifying key employees.
B. an inventory method that individually identifies and records the cost of each item as cost of goods sold.
C. a detailed list of all of a corporation's stockholders.
D. the classification of an account as an asset, liability, or stockholders' equity account.
Answer: B
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A company receives $95 for merchandise sold to a consumer of which $5 is for sales tax. The $5 of sales tax:
A. increases current liabilities. B. is not recorded until it is forwarded to the state government. C. increases sales revenue. D. increases selling expenses.
The combined costs of direct labor and factory overhead per equivalent unit used by many businesses with process operations is called:
A. Physical cost per equivalent unit B. Finished cost per equivalent unit C. Combined cost per equivalent unit D. Conversion cost per equivalent unit E. Overhead cost per equivalent unit
A project involving renovations due to a fire or other disaster would be classified as
A) compliance. B) emergency. C) mission critical. D) strategic.
Olivia files a suit against Parker. If this suit is like most cases, it will be
A. dismissed during a trial. B. dismissed or settled before a trial. C. resolved only after a trial. D. settled at a trial.