Harlow Corp. uses a FIFO process costing system. Beginning inventory for January consisted of 1,000 units that were 60% completed. During January, 9,500 units were started and completed. On January 31, the inventory consisted of 500 units that were 70% completed. How many units were started during January?
A. 10,250
B. 9,850
C. 10,000
D. 11,000
Answer: C
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Which of the following concepts is important to accrual accounting?
a. Time period, because accrual accounting divides earnings into time periods b. Monetary unit, because inflation is a big factor in the environment c. Cash basis, because if cash is not received, revenue is not accrued d. Entity concept, because personal transactions must be separated from business transactions
The double-entry system is possible because all business transactions have two equal and opposite aspects
Indicate whether the statement is true or false
Northern Company sold goods to Eastern Enterprises for $1,000 on account. Cost of goods sold was $745. Northern uses a perpetual inventory system and special journals. The cost of goods sold is recorded in the ________ column of the sales journal.
A) Accounts Receivable DR, Sales Revenue CR B) Cost of Goods Sold CR, Merchandise Inventory DR C) Cost of Goods Sold DR, Merchandise Inventory CR D) Sales Revenue DR, Accounts Receivable CR
When it comes to talent development programmes, Stewart and Harte (2010) identify individuals who have been nominated or selected for a Talent Development programme but who, for a variety of reasons, do not wish to join or engage with certain elements of the programme. These individuals are called ______.
a. abstainers b. blockers c. reluctant talent d. the talent drain pool