Which of the following types of process is correctly described?
A. A project process is used when the product is unique and typically produced one at a time to the customer’s specifications.
B. A job-shop process is used when the processing requirements are identical for each product.
C. A continuous process is used when the production process runs from beginning to end of each working day.
D. A flexible process is used when the same resources and equipment can be used to produce entirely different products, ranging from refining oil to producing automobiles.
A. A project process is used when the product is unique and typically produced one at a time to the customer’s specifications.
You might also like to view...
On May 1, Knox Inc purchases $100,000 of 10-year, 6% Madison Corporation bonds dated March 1 at 100 plus accrued interest. What entry would Knox record when purchasing the bonds?
Which of the following items would most likely be a violation of the materiality constraint?
A) A company did not separately report an unusual gain of $100,000. Its income from operations was $20,000,000. B) A company having reported total assets of $50,000,000 immediately expensed the purchase of 20 pencil sharpeners that have an estimated useful life of three years. C) A $75,000 illegal bribe by an executive of the company to a foreign official was not separately disclosed in the annual report. D) A $2,000 expenditure to improve a building that originally cost $10,000,000 was immediately expensed.
On October 1, Year 1, Hartford Company issued a $20,000 face value discount note. The note had a 6% discount rate and a one-year term to maturity. Which of the following would be included in the adjusting entry, dated December 31, Year 1, to recognize interest accrued since the issuance date?
A. A credit to Interest Payable for $300 B. A debit to Interest Expense for $300 C. A debit to Discount on Notes Payable of $300 D. none of these answer choices are correct.
Federal laws often provide more sweeping and significant protections for the consumer than state laws
a. True b. False Indicate whether the statement is true or false