If a business expenditure creates or enhances an identifiable asset with a useful life substantially beyond the current year, the expenditure must be capitalized.
Answer the following statement true (T) or false (F)
True
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A true ______________________________ system requires that all expenditures be formally approved for payment and be recorded as a payable before they can be paid
Fill in the blank(s) with correct word
Maria's Custom Tailoring is very labor intensive. Therefore, Maria has decided to use direct labor hours as the cost driver for assigning overhead costs to specific jobs. During the month of February, the company incurred overhead costs of $4,800. Total direct labor hours during the month totaled 1,200. Out of a total of 45 different jobs worked on during the month, Job #115 required 16 direct
labor hours to complete and Job #195 required 15 direct labor hours. The total amount of overhead allocated to these two jobs is: A) $124.00 B) $187.50 C) $137.50 D) $ 31.00
How are consumers influenced by reference groups?
a. Many consumers provide reference groups with opinions on new products and services. b. Consumers are prohibited from dissociating themselves from reference groups. c. Consumers use the same criteria as their reference groups to make their own consumer decisions. d. Once consumers are associated with a reference group, they do not associate themselves with a secondary group.
Cross-licensing agreements that involve any territorial restraint with respect to the manufacture, use, or marketing of goods are invalid
Indicate whether the statement is true or false