The equivalent units of production must be computed before the value of ending inventory can be determined in a process costing system
Indicate whether the statement is true or false
T
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Both the SEC and the PCAOB require management to use the COSO framework for assessing internal control adequacy
Indicate whether the statement is true or false
An agreement to pay a lesser amount to settle an unliquidated debt is:
a. enforceable, as there is consideration. b. unenforceable, as there is no consideration. c. enforceable in only some states. d. unenforceable as a violation of public policy.
Design capacity is ______.
a. the maximum rate of output achieved by an operation, a process, or a manufacturing or service facility that is producing under ideal conditions b. the capacity that can be achieved given the actual changes in product mix, machines and equipment that require periodic maintenance, scheduling changes, and workers who take time off for lunch, absences, and other needs c. less than effective capacity d. dependent on the company‘s market share
Strict liability is imposed for reasons other than fault.
Answer the following statement true (T) or false (F)