Samsung and Google cooperate as complementors to compete against Apple's strong position in the mobile device industry, while at the same time Samsung and Google are increasingly becoming competitive with one another. This scenario best illustrates the process of
A. perfect competition.
B. conglomeration.
C. co-opetition.
D. monopolization.
Answer: C
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Under the commercial frustration doctrine, performance is excused when:
A. statutes and legislation make the performance more difficult. B. the promisor impliedly assumes the risk that the event would occur. C. something that is essential to the promisor's performance is destroyed through no fault of the promisor, but its substitute is available. D. events occur after the formation of the contract that would make the return performance of the other party worthless to the promisor.
Which method will result in the same cost of goods sold amount whether it is computed using the periodic inventory system or the perpetual inventory system?
A. FIFO B. LIFO C. Weighted average cost D. None of the above because periodic and perpetual inventory systems always produce different amounts.
Ibsen Company makes two products from a common input. Joint processing costs up to the split-off point total $48,600 a year. The company allocates these costs to the joint products on the basis of their total sales values at the split-off point. Each product may be sold at the split-off point or processed further. Data concerning these products appear below: Product XProduct YTotalAllocated joint processing costs$18,800? $29,800? $48,600? Sales value at split-off point$25,850? $37,800? $63,650? Costs of further processing$23,300? $17,600? $40,900? Sales value after further processing$48,800? $56,500? $105,300? Required:a. What is financial advantage (disadvantage) of processing Product X beyond the split-off point? (Negative amount should be indicated
by a minus sign.)b. What is financial advantage (disadvantage) of processing Product Y beyond the split-off point?c. What is the minimum amount the company should accept for Product X if it is to be sold at the split-off point?d. What is the minimum amount the company should accept for Product Y if it is to be sold at the split-off point?a.??b. ??c.Minimum acceptable amount?d.Minimum acceptable amount? What will be an ideal response?
Prentiss Company is decentralized with three divisions. While all three division managers have responsibility for costs, only the Division Three manager has responsibility for generating revenues. Select the correct statement from the following.
A. Responsibility reports should be prepared for all three divisions. B. Responsibility reports should be prepared for Divisions One and Two only. C. Prentiss Company is not large enough to benefit from preparing responsibility reports. D. Responsibility reports should be prepared for Division Three only.