The inflation rate determines
A. import substitution regimes.
B. a currency's strengthening.
C. locations for outsourcing.
D. the real price of borrowing in capital markets.
Answer: D
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A change in accounting estimate affected by a change in accounting principle should be reported as
A) a change in accounting principle. B) a change in accounting estimate and a change in accounting principle. C) a change in accounting estimate. D) neither a change in accounting estimate nor a change in accounting principle.
Closing entries deal primarily with the balances of permanent accounts
Indicate whether the statement is true or false
A manufacturing company applies overhead using direct labor cost. The company's Work in Process Inventory account has a $15,000 debit balance after all posting is completed, and the cost sheet of the one job still in process shows direct material costs of $6,600 and direct labor costs of $3,000. What is the company's predetermined overhead rate?
What will be an ideal response?
If the partnership agreement is silent on the matter, which of the following is true regarding management of the partnership?
a. Each partner has an equal right to manage the business. b. Partners have a right to manage the business in proportion to their capital contributions. c. Partners rotate yearly the responsibility of managing the business. d. An arbitrator will determine which partner is most capable of running the business.