Which of the following procedures is incorrect for establishing and maintaining a petty cash fund?
A) A check is prepared for a small, fixed amount; when the check is cashed, the money is entrusted to a petty cash custodian.
B) The company must obtain the cash needed for the fund and record an entry for the establishment of the fund.
C) When appropriate documentation is presented, cash payments are made from the fund; the petty cash custodian retains the documentation.
D) When the petty cash fund needs to be replenished, an entry is recorded to recognize an increase in the petty cash account.
D
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Concept generation tests are used to:
A) reduce the concepts under consideration to a manageable number. B) generate new product ideas. C) refine the concept statements. D) quantitatively assess demand for the concept.
Refer to the information above. What is the maximum inventory held in a given EOQ cycle?
A) 5000 bags B) 200 bags C) 50 D) 100 bags E) 15 bags
Perch Co. acquired 80% of the common stock of Float Corp. for $1,600,000. The fair value of Float's net assets was $1,850,000, and the book value was $1,500,000. The noncontrolling interest shares of Float Corp. are not actively traded.What amount of goodwill should be attributed to Perch at the date of acquisition?
A. $170,000. B. $120,000. C. $0. D. $150,000. E. $250,000.
Benchmarking:
A) compares the efficiency and effectiveness of your business processes against strict standards. B) allows industry participants to develop industry-wide standards. C) is used to measure the speed and responsiveness of information technology. D) synchronizes the business processes of customers, suppliers, and trading partners. E) coordinates the value chains of independent firms to enable them to collectively produce a product or service.