Which of the following temporary accounts is typically used in just-in-time costing systems to accumulate direct labor and manufacturing overhead costs?
A) Adjustments account
B) Conversion Costs account
C) Manufacturing Overhead account
D) Work-in-Process Inventory account
B
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Smith Corporation has numerous customers. Customer files are kept on disk storage. Each account in the customer file contains name, address, credit limit, and account balance. The auditor wishes to test these files to determine whether credit limits are being exceeded. The best procedure for the auditor to follow would be to:
A. Use generalized audit software to develop test data that would cause some account balance to exceed the credit limit and determine if the system properly detects such situations. B. Use generalized audit software to compare credit limits with account balances and print out the details of any account with a balance exceeding its credit limit. C. Request a printout of a sample of account balances so they can be individually checked against the credit limits. D. Require a printout of all account balances so they can be manually checked against the credit limits.
Materials are transferred from the storeroom to the factory in response to materials requisitions
Indicate whether the statement is true or false
A blue-ocean strategy
A. involves abandoning efforts to beat out competitors in existing markets and instead invent a new industry or new market segment that renders existing competitors largely irrelevant and allows a company to create and capture altogether new demand. B. works best when a company is the industry's low-cost leader. C. involves the use of highly creative, never-used-before strategic moves to attack the competitive weaknesses of rivals. D. involves an unexpected (out-of-the-blue) preemptive strike to secure an advantageous position in a fast-growing market segment. E. is an offensive strike employed by a market leader that is directed at pilfering customers away from unsuspecting rivals to boost profitability.
Form U-4 is used in the following industries:
a) banking b) insurance c) securities d) all e) NOTA