Goodwill:
A. is not amortized, but is tested annually for impairment.
B. is not amortized and is not tested for impairment.
C. is amortized using the units-of-production method.
D. is amortized using the straight-line method.
Answer: A
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Which of the following situations represents an internal control weakness?
a. Timekeeping is independent of the payroll department. b. Paychecks are distributed by the employees' immediate supervisor. c. Time cards are reconciled with job tickets. d. Personnel is responsible for updating employee records, including creation of records for new hires.
Bulldog, Inc. has budgeted sales for the first quarter of the next year to be 45,000 units. The inventory on hand at the beginning of quarter is 5000 units. The desired ending inventory is 3000 units. Calculate the budgeted production for the first quarter.
A) 3000 units B) 43,000 units C) 40,000 units D) 48,000 units
According to the ________ ethics tradition, people act out of habit than out of deliberations.
A. utilitarian B. Kantian C. virtue D. principle-based
Stonehenge Inc., a manufacturer of landscaping blocks, began operations on April 1 of the current year. During this time, the company produced 750,000 units and sold 720,000 units at a sales price of $9 per unit. Cost information for this period is shown in the following table:Production costs? Direct materials$1.80 per unit Direct labor$.30 per unit Variable overhead$495,000 in total Fixed overhead$450,000 in totalNon production costs? Variable selling and administrative$18,000 in total Fixed selling and administrative$53,000 in totala. Prepare Stonehenge's December 31st income statement for the current year under absorption costing.b. Prepare Stonehenge's December 31st income statement for the current year under variable costing.
What will be an ideal response?