Historically, homeowner's insurance paid only the actual cash value of property damaged or destroyed
a. True
b. False
a
You might also like to view...
A(n) ______________________________ report compares actual results with budgeted expectations
Fill in the blank(s) with correct word
Use the following descriptive phrases to determine the account name that would be used for each. In addition, classify the account as an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E)
a. Amount due to creditor for merchandise purchased b. Coins and currency c. Property to be used in the business d. An amount paid to stockholders resulting from profits e. Income recorded for performance of legal services f. Amount due to bank for loan to purchase building g. Stationery, pencils, etc., purchased but not yet used h. Stationery, pencils, etc., that have been consumed (used) i. An insurance premium paid covering the next two years j. Representation of stockholders' investments in a business
Underapplied overhead resulting from unanticipated and immaterial price increases for overhead items should be written off by
a. decreasing Cost of Goods Sold. b. increasing Cost of Goods Sold. c. decreasing Cost of Goods Sold, Work in Process Inventory, and Finished Goods Inventory. d. increasing Cost of Goods Sold, Work in Process Inventory, and Finished Goods Inventory.
In a level schedule, materials are pulled through the assembly line at a ______ rate.
A. steady B. fluctuating C. flexible D. inconsistent