Answer the following statements true (T) or false (F)
1. Managerial accounting is used in manufacturing and merchandising companies, but not in service
companies.
2. Managerial accounting can be used to calculate costs for service and merchandising companies.
3. Service companies do not have product costs, so they often consider all operating expenses as part of
their cost of service.
4. A merchandiser does not need to calculate cost per unit because it resells goods that are already
manufactured.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
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Takenson Corp is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales $500,000 Purchases 225,000 Inventory (beginning) 16,000 Inventory (ending) 30,000 Operating Expenses 148,000 Income Tax Expense 10,000 Retained Earnings (beginning) 53,000 Dividends 15,000 Refer to the information for Takenson Corp Calculate the gross profit
a. $241,000 b. $275,000 c. $425,000 d. $289,000
According to the VALS segmentation system, ________ are successful, goal-oriented people who focus on career and family. They favor premium products that demonstrate success to their peers
A) thinkers B) innovators C) achievers D) believers E) experiencers
In the communication process of marketing communications, the marketing department often functions in the role of transmitter.
Answer the following statement true (T) or false (F)
A contract between Recreational Games & Rides, Inc, and Summer Fair Corporation includes a provision excluding liability as a result of fraud. This provision is A) enforceable because the parties are protected from liability
B) enforceable because the parties consented to it. C) enforceable if the parties have equal bargaining power. D) not enforceable.