Normal costing:
a. determines unit cost by adding direct materials, direct labor and actual overhead.
b. determines unit cost by adding direct materials, direct labor and estimated overhead.
c. determines unit cost by adding direct materials, direct labor and underapplied overhead.
d. determines unit cost by adding direct materials, direct labor and subtracting overapplied overhead.
e. None of the answers are correct.
b
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In a computer-based information system, which of the following duties needs to be separated?
a. program coding from program operations b. program operations from program maintenance c. program maintenance from program coding d. all of the above duties should be separated
The entry to increase the balance in petty cash from $50 to $75 would include a credit to Petty Cash of $25.
Answer the following statement true (T) or false (F)
Answer the following statements true (T) or false (F)
The need for information on a timely basis may conflict with cost constraints in some situations.
A formal audit is required to be conducted each _____________ for companies that are publicly traded.
a. Fiscal month b. Fiscal quarter c. Fiscal year d. Decade