A major disadvantage of primary data is that it gets frequently outdated.
Answer the following statement true (T) or false (F)
False
A major disadvantage of secondary data is that it gets frequently outdated. See 11-5: Marketing Research: So What Do They Really Think?
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In a standard cost system, the Work in Process inventory is usually debited with:
a. actual costs of material, labor, and overhead. b. actual cost of material and labor and a predetermined cost for overhead. c. standard cost based on the level of input activity (such as direct labor hours worked). d. standard costs based on productive output.
Anchovy, Inc., a producer of frozen pizzas, began operations this year. During this year, the company produced 16,000 cases of pizza and sold 15,000. At year-end, the company reported the following income statement using absorption costing:Sales (15,000 × $48)$720,000Cost of goods sold (15,000 × $19)285,000Gross margin$435,000Selling and administrative expenses 79,000Net income$356,000Production costs per case total $19, which consists of $15.50 in variable production costs and $3.50 in fixed production costs (based on the 16,000 units produced). Eight percent of total selling and administrative expenses are variable. Compute net income under variable costing.
What will be an ideal response?
A bailee's interest in the bailed property can be characterized as: A) ownership
B) a fractional proprietary interest. C) possession. D) constructive ownership.
Hoyt rented office space two years ago to Harris, receiving the first and last months' rent plus a security deposit of $1,000. In early January of this year, Harris moves and Hoyt refunds $250 of the deposit and keeps the remainder to cover $500 which is spent for repairs to the office space and one week of unpaid rent that amounts to $250. How would this information be reflected on Hoyt's tax
return this year? A) $750 income and $500 deduction B) $750 income and no deduction C) $250 income and $500 deduction D) No income is recognized, but a $250 deduction is allowed.