Article 2 of the Uniform Commercial Code governs negotiable instruments
Indicate whether the statement is true or false
False
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Which of the following is the correct formula for measuring a cost variance?
A) Cost Variance = (Actual Cost + Standard Cost) / Actual Quantity B) Cost Variance = (Actual Cost - Standard Cost) × Actual Quantity C) Cost Variance = (Actual Cost + Standard Cost) + Actual Quantity D) Cost Variance = (Actual Cost - Standard Cost) - Actual Quantity
For accounting purposes, stated value is treated the same way as par value
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All of the following are examples of activity bases except:
A) salaries of supervisors B) quality inspections of products C) number of machine setups D) raw materials storage
Portside Watercraft uses a job order costing system. During one month Portside purchased $173,000 of raw materials on credit; issued materials to production of $164,000, of which $24,000 were indirect. Portside incurred a factory payroll cost of $95,000, of which $25,000 was indirect labor. Portside uses a predetermined overhead rate of 170% of direct labor cost. The journal entry to record the issuance of materials to production is:
A. Debit Raw Materials Inventory $153,000; credit Accounts Payable $153,000. B. Debit Work in Process Inventory $140,000; debit Factory Overhead $24,000; credit Raw Materials Inventory $164,000. C. Debit Finished Goods Inventory $140,000; credit Raw Materials Inventory $140,000. D. Debit Raw Materials Inventory $195,000; credit Work in Process Inventory $195,000. E. Debit Work in Process Inventory $140,000; debit Raw Materials Inventory $24,000; credit Materials Inventory $164,000.