In a statement of cash flows, the sale of a long-term investment would ordinarily be classified as:
A. a financing activity.
B. an operating activity.
C. an investing activity.
D. a lending activity.
Answer: C
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A retailer stands to gain a direct payment from:
A) an off-invoice allowance B) a drop-ship allowance C) slotting fees D) forward buying
When inspecting a document for quality, what activity is the writer doing?
A) Designing B) Formatting C) Inserting white space D) Proofreading E) Ensuring consistency
The CEO of a defense industry contractor company discovers, through some internal audits, that significant amounts of unsupported and unethical cost inflation have been going on in her company. As a result, she chooses to sign the Defense Industry Initiative. Which of the following will result from her decision?
a. a voluntary commitment to create a written business ethics code b. a legal requirement to allow inspections by an independent regulatory agency c. a voluntary commitment to reduce the CEO to employee compensation ratio d. a legal requirement to establish an internal ethics program
A company that uses a job order costing system incurred $10,000 of factory payroll during May. Prepare the May 31 entry assuming $8,000 is direct labor and $2,000 is indirect labor.
What will be an ideal response?