The adjusting entry for a prepaid expense has the effect of reducing total assets and reducing net income.
Answer the following statement true (T) or false (F)
True
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________ involves buying more goods and services from external domestic or foreign vendors
A) Merging B) Broadening C) Outsourcing D) Globalizing E) Accelerating
During October, Department A started 320,000 units of product in a particular manufacturing process. The beginning work in process inventory was 50,000 units, and the ending inventory was 30,000 units. Direct materials are introduced at the start of processing, and beginning and ending inventories are considered to be 50 percent complete with respect to conversion costs. Department A uses the
FIFO costing method. The number of units started and completed during October was a. 350,000. b. 360,000. c. 290,000. d. 320,000.
On June 1, 2019, Mighty Fast Flooring issued a 10-month, 9 percent note for $5,000. The note was recorded in the Notes Payable-Trade account. The adjusting entry on December 31 to record the interest accrued (owed) on the note is:
A. a debit to Interest Expense for $450.00 and a credit to Interest Payable for $450.00. B. a debit to Interest Expense for $262.50 and a credit to Notes Payable-Trade for $262.50. C. a debit to Interest Income for $450.00 and a credit to Interest Receivable for $450.00. D. a debit to Interest Expense for $262.50 and a credit to Interest Payable for $262.50.
If the coefficient of correlation is a negative value, then the coefficient of determination
a. must also be negative b. must be zero c. can be either negative or positive d. must be positive