Consider the following events for Betterment Incorporated:January 1 Betterment purchases gasoline for $200 on account.January 7 Betterment advertises lawn mowing services for $100 per lawn.January 9 Betterment signs up 8 customers who pay a total of $800 cash.January 12 Betterment mows the lawns of the 8 customers and all gasoline purchased on January 1 is used.January 13 Betterment pays for the gasoline purchased on January 1.Under accrual-basis accounting, what is the appropriate day to record the expenses related to the gasoline?
A. January 7.
B. January 13.
C. January 1.
D. January 12.
Answer: D
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The direct materials price variance is best measured and reported to appropriate management personnel at the time
a. purchased quantities exceed standard order size. b. quarterly financial statements are prepared. c. shipments are received and recorded as purchases. d. direct materials are issued to production areas.
The purpose of incremental analysis is to find the alternative
a. with the fewest relevant costs. b. that brings in the most revenue. c. that contributes the most to profits. d. with the lowest fixed costs.
A company producing standardized products for its customers can be more conservative in its pricing strategy than a company producing custom-designed items
Indicate whether the statement is true or false
Leadership roles differ greatly, depending on the size of the business and
A. its stage of development. B. its product and service offerings. C. its marketing efforts. D. the industry in which the company operates.