Which of the following is not classified as a selling expense on the income statement?
A) Sales salaries expense.
B) Interest expense.
C) Freight-out expense.
D) Advertising expense.
B
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The financial statements of Mannassass Corporation for 2014 and 2015 contained the following errors: 2014 2015 Ending Inventory $14,000 overstated $20,000 understated Rent Expense $4,800 understated $6,600 overstated Assuming that none of the errors were detected or corrected, by what amount will 2014 operating income be overstated or understated?
a. $9,200 overstated b. $9,200 understated c. $18,800 understated d. $18,800 overstated
When attacked, older and larger firms tend to respond more quickly, but their responses are often more predictable.
Answer the following statement true (T) or false (F)
According to the terms of Diego's will, specific gifts are made, and taxes and other es¬tate expenses and debts are paid. The assets of Diego's estate that remain are most likely to be distributed
a. by codicil. b. holographically. c. per capita. d. through a residuary clause.
Mohammed is monitoring the diameter of bolts being produced on one of his assigned production lines. During this process, he notices one, single measurement that jumped above the upper control limit. He immediately adjusts the alignment on several machines to address the problem. Mohammed has likely committed a(n):
a. type II error b. average run length error c. type I error d. type I and type II error