A standard costing system
A) is used by management for cost planning, but not for cost control purposes.
B) is a system in which all costs affecting the three inventory accounts and the Cost of Goods Sold account are stated in terms of actual costs incurred.
C) depends on actual costs rather than planned costs.
D) is employed with an existing job order costing or process costing system and is not a full cost accounting system in itself.
D
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The Bears Corporation has provided you the following information: Increase in accounts receivable balance 50,000 Net sales 500,000 Gross profit as a percentage of net sales 40%Increase in the inventory account 45,000 Accounts payable balance decreased 17,000 Accounts receivable writeoffs 7,500 Bad debt expense 10,000 Required: Determine the cash collected from customers.Determine the cash paid to suppliers.
What will be an ideal response?
A company introduced the Funday film to compete with lower-priced brands, but it found many of its regular customers bought Funday instead of its usual, higher-priced film. The company experienced ________
A) an upward line stretch B) a product line contraction C) disintermediation D) cannibalization E) filling in
Securitization is a widely-used arrangement for selling receivables. Many companies use credit card securitization and other forms of securitizations as part of their overall financing strategies. Required: Explain the nature of securitization, how it
can be implemented, and the appropriate accounting procedures related to a securitization. Include in your discussion the effects of recourse provisions on the securitization.
Under the foreign substance test, if a person were injured by a chicken bone while eating a chicken salad sandwich, then the implied warranty would be breached
Indicate whether the statement is true or false