Which one of the following statements about quality control is TRUE?
A) Measurement by attributes is a simple yes or no decision.
B) Complete inspection is used when inspection cost is high.
C) Sampling inspection is used when the cost of passing a defective unit is high relative to the cost of inspection.
D) Measurement by variables is often used when the quality specifications are complex.
A
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Exhibit 15-2 Lawrence, Inc, entered into a subscription contract with several subscribers that calls for the purchase of 2,000 shares of $5 par common stock for $15 a share. The contract calls for a 20% down payment and specifies that any amounts not paid within the contract period will be forfeited in full. ? Refer to Exhibit 15-2. Lawrence received final payment (80%) on 1,800 shares and
issued those shares. Subscribers defaulted on 200 shares. The entries to record receipt of final payment and issuance of 1,800 shares would include a A) debit to Cash for $24,000. B) credit to Subscriptions Receivable: Common Stock for $24,000. C) debit to Common Stock Subscribed for $10,000. D) credit to Common Stock for $9,000.
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A payment cap can result in negative amortization
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