The responsibility for coordinating the preparation of a master budget should be assigned to the Chief Executive Officer.
Answer the following statement true (T) or false (F)
False
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The three forms or states in the development of inventory for a manufacturer are direct materials, direct labor, and finished goods
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. The cash payments journal is a special journal used to record cash payments by currency but not by check. 2. The cash payments journal has two debit columns - one for Accounts Payable and one for Merchandise Inventory. 3. After posting from the cash payments journal, the posting reference is printed in the general journal. 4. The cash disbursements journal is also called the check register. 5. Entries in the cash payments journal are posted daily to the accounts payable subsidiary ledger and monthly to the general ledger.
Apogee Fashions uses standard costs for their manufacturing division. The allocation base for overhead costs is direct labor hours. From the following data, calculate the fixed overhead allocated to production based on direct labor hours (DLHr).
A) $23,000
B) $60,000
C) $40,000
D) $20,000
Which of the following is NOT a trend that is expected to provide new opportunities for marketers?
A) changing demographics B) declining levels of patriotism C) technological advances D) proliferation of information E) globalization