In a merchandising firm, authorization for the purchase of inventory is the responsibility of
a. inventory control
b. purchasing
c. accounts payable
d. cash disbursements
A
You might also like to view...
Forsyth, Inc. uses estimated direct labor hours of 245,000 and estimated manufacturing overhead costs of $1,200,000 in establishing its predetermined overhead allocation rate for the year. Actual results showed the following:
The number of direct labor hours worked during the period was ________. (Round any intermediate calculations to two decimal places, and your final answer to the nearest whole number.)
A) 245,000 hours
B) 168,367 hours
C) 163,265 hours
D) 237,575 hours
The first step in the accounting cycle is to analyze transactions and events to prepare for journalizing.
Answer the following statement true (T) or false (F)
Clorox's partnership with the Sierra Club to launch a line of green cleaning products is an example of a firm ________
A) using advertising to reach a mass consumer audience B) reaching out to various stakeholders to create a positive public impression C) abandoning its traditional consumer base D) launching a new product without need for psychographic testing E) bowing to government pressure
Under the effective interest rate method of amortization, what is the correct formula to calculate the interest paid?
a. Interest paid = Carrying Value × Stated rate of interest b. Interest paid = Face value × Market rate of interest at issuance × Term of the bond c. Interest paid = Carrying value × Market rate of interest at issuance × Time outstanding d. Interest paid = Face value × Stated rate of interest × Time outstanding