Shareholders are liable for the debt and obligations of a corporation
Indicate whether the statement is true or false
FALSE
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Control activities may be implemented at the organizational level and at the transactional level
a. True b. False Indicate whether the statement is true or false
Thomas Lumber Company produces furniture grade lumber and building grade lumber from a joint process. Sawdust, a by-product of the manufacturing process is sold to a local toy manufacturer to stuff leather toys for $10 per ton. In February, the company produced 3,00 . tons of sawdust. What is the entry to reduce the cost of the main products by the estimated sales value of the by-product?
a. By-product inventory $30,000 Work in process $30,000 b. Work in process $30,000 Other income $30,000 c. Cost of goods sold $30,000 By-product inventory $30,000 d. By-product inventory $30,000 Gain or loss on sale of by-product $30,000
In an investment center, the manager has the responsibility for and the authority to make decisions that affect:
A) the assets invested in the center, but not costs and revenues B) costs and assets invested in the center, but not revenues C) both costs and revenues for the department or division D) not only costs and revenues, but also assets invested in the center
Screen Perfect, Inc, and TV Stores enter into a contract for a sale of high-definition television sets. Screen Perfect ships goods that do not exactly conform to the contract in some details. TV Stores? A)?cannot reject the entire shipment
B)?can reject the entire shipment. C)?must accept the entire shipment. D)?must reject the entire shipment.