The equality of debits and credits in a trial balance means that all entries were correctly posted to the accounts
a. True
b. False
Indicate whether the statement is true or false
False
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Information is communicated to external users by the management of the company. Those users cannot dictate desired financial results to the company
Indicate whether the statement is true or false
Service ________ means that a firm cannot store its services
A) intangibility B) perishability C) inseparability D) variability E) personalization
Under absorption costing, if sales remain constant from period 1 to period 2, the company will report a larger income in period 2 when
a. Period 2 production exceeds period 1 production. b. Fixed production costs are larger in period 2 than period 1. c. Variable production costs are larger in period 2 than period 1. d. Period 1 production exceeds period 2 production.
A continuous loss:
a. Occurs evenly throughout the production process. b. Occurs unevenly throughout a process. c. Always occurs at the same place in the production process. d. Never occurs during the production process.