Both U.S. GAAP and IFRS apply the lower-of-cost-or market rule in a similar manner to inventory
a. True
b. False
Indicate whether the statement is true or false
False
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In accounting, depreciation means the decline in value of an asset
Indicate whether the statement is true or false
Demitri knew he was in a low power position since he worked on the manufacturing line at the plant. However, he saw some changes that needed to be implemented to ensure better productivity. Which would be the BEST first step option for Demitri to communicate those insights in order to be heard?
A. Submit an anonymous comment thru the employee ethics hotline. B. Talk with his supervisor and ask for an opportunity to share his ideas with the plant manager. C. Start a petition to rally employees to be heard and vocalize their opinions. D. Forget it and just do his job.
The journal entry to record indirect labor costs incurred involves a debit to the ________
A) Manufacturing Overhead account B) Wages Payable account C) Finished Goods Inventory account D) Work-in-Process Inventory account
Patricia met Joel F. Tamraz in December 1987. At that time, Joel was in the process of purchasing a condominium in Malibu, California, for $220,000. Although Joel initially took title to the property in his name only, before escrow closed he signed a quitclaim deed in which he granted one-third of his separate property interest in the Malibu condominium to Patricia, with title to be held as
tenants in common. Which of the following statements is correct? A) Joel has created a valid tenancy in common. B) Because the proper unities are not present, there is no valid tenancy in common. C) Because the transfer occurred before closing it is invalid. D) The two are joint tenants with right of survivorship.