Churchy hires Danielle, a real estate broker, to act as his agent to sell his land for $150,000. Oil is discovered beneath the land, causing its market value to in-crease considerably. The agency agreement is likely
A) continued with a proportionate increase in Danielle's sales commission
B) continued until Danielle tells prospective buyers of the discovery.
C) terminated by act of the parties.
D) terminated by operation of law.
D
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The direct charge-off method of recognizing uncollectible accounts is not in accordance with generally accepted accounting principles
Indicate whether the statement is true or false
Which of the following would be considered a secondary decision-maker?
A) a credit department staffer employed by the same company as the salesperson B) the administrative assistant who works for the CEO of an established customer C) a shipping department worker employed by the same company as the salesperson D) the secretary who provides support services for the sales staff E) the accounts payable clerk who works for the vendor
The use of a plantwide overhead rate is not acceptable for external reporting under GAAP.
Answer the following statement true (T) or false (F)
If the fixed costs for selling Christmas trees were $2000/month, the variable costs were $10 per tree, and management is thinking about selling each tree for $30, what is the break even quantity?
a. 10 b. 200 c. 100 d. 2000 e. it cannot be determined with the information given