Once promoted to a manager position, the first people to build a relationship with are:
a. your direct manager and direct reports
b. your direct manager and the board of directors
c. your support staff and your direct manager
d. your manager colleagues and the board of directors
a. your direct manager and direct reports
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If over- or underapplied factory overhead would materially distort net income if the entire amount was charged to Cost of Goods Sold, it should be:
a. Carried forward in the overhead control account from year to year. b. Eliminated by changing the predetermined factory overhead rate in subsequent years. c. Apportioned among the work in process inventory, the finished goods inventory, and the cost of goods sold. d. Treated as a special gain or loss occurring during the year.
A business's source documents:
A. Must be in electronic form. B. Are prepared internally to ensure accuracy. C. Include the ledger. D. Provide objective evidence that a transaction has taken place. E. Include the chart of accounts.
Which of the following statements is not correct?
A. At the end of each accounting period, asset and liability account balances are reduced to zero. B. A post-closing trial balance will not contain revenue and expense account balances. C. Adjusting entries must be journalized and posted before the closing entries are journalized and posted. D. After closing entries are posted, the revenue, expense, and drawing accounts will have zero balances.
___ is the possibility that an unwarranted circumstance will occur that can result in some loss
a. Risk b. Contingency c. Anticipated loss d. Management reserve