Which of the following is not recorded in factory overhead?
a. depreciation on production machinery; b. indirect labor; c. heat, light, and power; d. direct materials; e. property taxes on a factory building
D
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Under process costing, the unit cost of the completed units is less than the unit cost of the incomplete units.
1. In a process costing system, direct materials, direct labor, and manufacturing overhead are assigned to Work-in-Process Inventory for each process that uses them. 2. In a process costing system with multiple departments, one Work-in-Process Inventory account is maintained and the costs are transferred when a job is completed. 3. Under process costing, the unit cost of the completed units is less than the unit cost of the incomplete units. 4. At the end of an accounting period, the costs assigned to a production department can be split into the cost of units fully completed and transferred out, and the cost of units partially completed and remaining in the Work-in-Process Inventory of that department. 5. In a process costing system, a department's total production costs incurred in a particular period must equal the total costs transferred out of the department.
According to Tony Hsieh, CEO of Zappos, the company devotes the greatest amount of time to
A. finding ways to improve customer-service levels. B. seeking out new markets that will go beyond the Internet. C. seeking out new and unusual styles of shoes from all over the world. D. finding the fastest and least expensive modes of delivery for its products. E. improving the website to make it faster, more interesting, and fun.
Payment is made for the telephone bill which was recorded previously. What effect does this transaction have on the accounting equation?
A) Assets and liabilities increase B) Assets and retained earnings increase C) Liabilities increase and contributed capital decreases D) Assets and liabilities decrease
Which of the following is NOT a characteristic of a functional strategy?
a. A functional strategy is developed and implemented at a lower level in the corporate hierarchy. b. A functional strategy has a shorter time horizon. c. A functional strategy is more broad and abstract when compared to higher level strategies. d. A business strategy may have many functional strategies.