Article 2 of the Uniform Commercial Code governs negotiable instruments

Indicate whether the statement is true or false


False

Business

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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

Business

For accounting purposes, stated value is treated the same way as par value

Indicate whether the statement is true or false

Business

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

Business

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.

Business