Which of the following is TRUE of Finished Goods Inventory?
A) Finished Goods Inventory is an account used by a manufacturer and includes completed goods that
have not yet been sold.
B) Finished Goods Inventory is an account used by a merchandiser and includes completed goods that
have not yet been sold.
C) Finished Goods Inventory is an account used by service companies in lieu of raw materials inventory.
D) Finished Goods Inventory is an account used by a manufacturer in lieu of raw materials inventory.
A) Finished Goods Inventory is an account used by a manufacturer and includes completed goods that
have not yet been sold.
You might also like to view...
When using presentation software such as PowerPoint, each slide should support only one key idea
Indicate whether the statement is true or false.
College students who wear clothing displaying the Greek letters for fraternities or sororities to which they belong are demonstrating pride in a(n) ________ group.
A. aspiration B. dissociative C. associative D. identification E. political
What is regression?
A. A statistical process for estimating the relationships among variables. B. A statistical process that finds the way to make a design, system, or decision as effective as possible, for example, finding the values of controllable variables that determine maximal productivity or minimal waste. C. A statement about what will happen or might happen in the future such as future sales or employee turnover. D. Predictions based on time-series information.
Jasmin, Shou-Yi, and Vanessa form an LLC, and each contributes $25,000 in capital. The LLC operates for a period of time, during which it borrows money from banks and purchases goods on credit from suppliers. After some time, the LLC experiences financial difficulties and goes out of business. If the LLC fails with $500,000 in debts, which of the following is an accurate statement regarding the liability of Jasmin, Shou-Yi, and Vanessa?
A. Each will lose her capital contribution of $25,000, but will not be personally liable for the rest of the unpaid debts of the LLC. B. Each will lose her capital contribution of $25,000, and will be personally liable for the rest of the unpaid debts of the LLC. C. Each will not be personally liable for the $500,000 in debts, and will be reimbursed for her $25,000 capital contribution. D. Each will not be personally liable for the $500,000 in debts, and a constructive trust for the entire $75,000 in capital contributions will be imposed so that Jasmin, Shou-Yi and Vanessa can form a new business venture.