The transactions listed in the following questions occurred in a private, not-for-profit hospital during 20X8. For each transaction, indicate its effect on the hospital's statement of operations for the year ended December 31, 20X8.Transaction: Received contributions restricted by donors for research activities.Effect on Statement of Operations:
A. The transaction is not reported on the statement of operations.
B. The transaction is reported on the statement of operations, but there is no effect on operating income.
C. Increases operating income.
D. Decreases operating income.
Answer: A
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If a company uses a factory overhead ledger, at the end of the month, an accountant should:
a. close the accounts in the factory overhead ledger to Work in Process. b. total the accounts in the factory overhead ledger and compare the total to the balance in the Factory Overhead control account. c. prepare a schedule of fixed costs. d. All of the above are true.
Lotus Company's actual overhead is greater than the applied overhead. This difference is deemed immaterial. The company records this by debiting Overhead account and crediting Cost of Goods Sold account. Which of the following is true of Lotus Company?
A) The company has correctly recorded the difference. B) The company's assets are overstated. C) The company should have credited Work in Process account for the difference. D) The company's Cost of Goods Sold account is understated.
Which of the following segmentation techniques segments markets according to their physical
location? A) behavioral B) geographic C) psychographic D) demographic
The most common defense to a battery is self-defense
Indicate whether the statement is true or false