Discovering previously unknown patterns or correlations in data through automated processes is referred to as:
A)
data warehousing.
B)
data mining.
C)
data analyzing.
D)
None of the above
B
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The Lily Company uses the percent of receivables method of accounting for uncollectible accounts receivable, and a perpetual inventory system. As of January 1, its net accounts receivable totaled $192,000 (Accounts Receivable $200,000 less an $8,000 Allowance for Doubtful Accounts). During the current year, the following transactions occurred. 1)Merchandise costing $1,050,000 was sold on account for $1,400,000. 2)The company collected $1,294,000 from customers on account.3)$6,000 of accounts receivable were deemed uncollectible and written off.4)$1,000 of accounts receivable previously written off as uncollectible were recovered.5)At year-end, Lily Company estimates that 4% of its accounts receivable are uncollectible.Prepare journal entries to record these transactions.
What will be an ideal response?
Fantastic Futons goes through two departments in the production process. Each futon requires two direct labor hours in Department A and one hour in Department B. Labor cost is $8 per hour in Department A and $10 per hour in Department B. The budgeted overhead rate is $5 per direct labor hour. What is the budgeted overhead cost for January given a budgeted production of 30,000 units?
a. $450,000 b. $150,000 c. $330,000 d. $300,000
Managerial accounting information is limited or restricted by which of the following authorities or principles?
A. Generally Accepted Accounting Principles B. Managerial Accounting Standards Board C. Value-Added Principle D. Securities and Exchange Commission
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