The articles of incorporation should specify the life of the corporation

Indicate whether the statement is true or false


TRUE

Business

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Deacon Company purchased equipment last year for $30,000 . The equipment has an estimated useful life of five years. What amount will appear on the income statement for depreciation expense for the month of March 2016?

a. $0 b. $500 c. $6,000 d. $30,000

Business

The data dictionary describes all of the data elements in the database

Indicate whether the statement is true or false

Business

Expenses increase Owner's Equity

Indicate whether the statement is true or false

Business

Using normal costing requires that

A) actual overhead costs are not assigned directly to jobs. B) predetermined rates are not used to assign overhead. C) applied overhead is not calculated on a job specific basis. D) Neither plantwide or departmental rates can be used to assign overhead. E) All of these are correct.

Business