Which of the following resources is usually not modeled as an entity (table) in an REA data model?
A. Cash.
B. Accounts receivable.
C. Inventory.
D. Property, plant and equipment.
Answer: B
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For the revenue cycle, state two specific independent verifications that should be performed
The bank's routing number ________.
A) contains 10 digits B) identifies the bank upon which the payment is drawn C) includes the account number of the business D) is not shown on the check
Which of the following is a pricing strategy that turns the typical assumption about price-demand relationships on its head?
A) penetration pricing B) price bundling C) assimilation effect pricing D) placebo effect pricing E) prestige pricing
At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,200,000. Closing over/under applied overhead into cost of goods sold would cause net income to increase/decrease by?
A) Increase by $800,000 B) Decrease by $800,000 C) Not effect net income. D) Decrease net income by $200,000