Preferred stock on which the right to receive dividends is forfeited for any year that the dividends are not declared is referred to as:
A. Cumulative preferred stock.
B. Noncumulative preferred stock.
C. Callable preferred stock.
D. Convertible preferred stock.
E. Participating preferred stock.
Answer: B
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Answer the following statements true (T) or false (F)
1. The Work-in-Process Inventory account of a department is credited when overallocation of manufacturing overhead occurs in that department. Process costing is used. 2. A predetermined overhead allocation rate is used to allocate direct materials costs to various processes or departments. Process costing is used. 3. The adjusting entry for overallocated or underallocated manufacturing overhead is usually prepared at the beginning of the accounting period. Process costing is used. 4. The production cost report for Department 1 shows that $159,000 was assigned to the 38,000 units transferred to Department 2. This transfer cost assigned to units transferred to Department 2 is recorded with a debit to Work-in-Process—Department 1. Process costing is used 5. The production cost report for Department 1 shows that $154,000 was assigned to the 36,000 units transferred to Department 2. This transfer cost assigned to units transferred to Department 2 is recorded with a debit to Work-in-Process—Department 2. Process costing is used.
Customers at an amusement park arrive at the rate of 10 customers per hour. The entry booth is staffed by one employee. The mean service time at the booth to provide service to each customer is 5 min. The arrival rate follows a Poisson distribution, and the service time at the booth follows a negative exponential distribution. Determine the percentage of time the employee at the service booth will be idle.
A. 17% B. 44% C. 12% D. 43%
For the business judgment rule to apply, the manager must A) be trying to resolve a conflict of interest
B) have exercised extraordinary care in resolving the situation. C) have acted in the best interests of the corporation. D) prove he or she was aware of the decision being made.
Explain liabilities for payment of instrument