Normal costing is the sum of actual direct materials, actual direct labor, and actual overhead
Indicate whether the statement is true or false
F
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Positive operating income will result if gross margin exceeds
a. operating expenses. b. purchases. c. cost of goods sold. d. cost of goods sold minus operating expenses.
Identify a true statement about the legal doctrine of strict liability.
A. It is favored by business corporations in the United States. B. It allows consumers to assume that products are safe for use. C. It holds a business accountable for paying damages whether or not it was at fault. D. It frees manufacturers from any kind of liability as soon as a product is sold to a consumer.
Entering transactions in chronological order in a journal is called:
a. single-entry accounting. b. posting transactions. c. documenting. d. footing. e. journalizing.
High-performance work systems need to be periodically evaluated in terms of organizational priorities and initiatives.
Answer the following statement true (T) or false (F)