Which of the following statements best describes the balance in a revenue account at the beginning of an accounting period?
A. Higher than the previous period's beginning balance
B. Equal to the amount of retained earnings for the previous period
C. Zero
D. Last period's ending balance
Answer: C
You might also like to view...
Insetto Biological Manufacturing produces a pesticide chemical and uses process costing. There are three processing departments—Mixing, Refining, and Packaging. On January 1, the first department—Mixing—had no beginning inventory. During January, 40,000 fl. oz. of chemicals were started in production. Of these, 31,000 fl. oz. were completed and 9000 fl. oz. remained in process. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly throughout the process. The weighted-average method is used.
At the end of the month, Insetto calculated equivalent units. The ending inventory in the Mixing Department was 60% complete with respect to conversion costs. With respect to conversion costs, how many equivalent units were calculated for the product that was completed and for ending inventory? A) Product completed: 31,000 equivalent units; Products in ending inventory: 5400 equivalent units B) Product completed: 31,000 equivalent units; Products in ending inventory: 9000 equivalent units C) Product completed: 40,000 equivalent units; Products in ending inventory: 5400 equivalent units D) Product completed: 40,000 equivalent units; Products in ending inventory: 9000 equivalent units
In what type of partnership does a for-profit company contribute a fixed contribution to a nonprofit organization in connection with a short-term promotion?
A. joint venture B. cause marketing C. corporate partnership D. promotion-based venture
A strong grasp of the business fundamentals that underlie international business is an important first step to selecting and developing global leaders.
Answer the following statement true (T) or false (F)
The marginal cost of driving is approximately equal to the cost of operations per mile
Indicate whether the statement is true or false.