The bedrock principle of business is that it should ________.
A. please its customers
B. advertise better than its competitors
C. earn a profit
D. continually improve
Answer: C
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The reconciliation that occurs in the shipping department is intended to ensure that
a. credit has been approved b. the customer is billed for the exact quantity shipped c. the goods shipped match the goods ordered d. inventory records are reduced for the goods shipped
The term "accounting independence" refers to
a. data integrity b. separation of duties, such as record keeping and custody of physical resources c. generation of accurate and timely information d. business segmentation by function
Costco is a warehouse store that sells groceries, household items, and business products. Purchase quantities tend to be larger than in traditional stores that serve final consumers. For example, soft drinks are only sold in 24-can cases, not in 6-packs. Coffee is sold in 3-pound cans instead of 1-pound foil packs. Which regrouping activity is Costco shifting to the consumer?
A. accumulating B. adjusting discrepancies C. bulk-breaking D. assorting E. sorting
If overhead is overapplied, it means that individual jobs have not been charged enough overhead during the year and the cost of goods sold reported is too low.
Answer the following statement true (T) or false (F)