Economy of scale is recognized as a decrease in time as a result of an increase in production
Indicate whether the statement is true or false
F
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A company forgot to record four adjustments during 2016 . Which one of the following omissions of adjustments will overstate assets?
a. Sales made during the last week of the period are not recorded. b. Interest on monies borrowed has not yet been recorded. c. Prepaid insurance is not reduced for the portion of the policy that has expired during the period. d. Income taxes owed but not yet paid are ignored.
Which of the following statements is false?
a. A primary purpose of cost accounting is to determine valuations needed for external financial statements. b. A primary purpose of management accounting is to provide information to managers for use in planning, controlling, and decision making. c. The act of converting production inputs into finished products or services necessitates cost accounting. d. Two primary hallmarks of cost and management accounting are standardization of procedures and use of generally accepted accounting principles.
Synthesized material that is reframed for general readers is a _____ source of research
A) tertiary B) secondary C) qualitative D) quantitative E) primary
Why should companies focus more on preliminary and concurrent controls?
What will be an ideal response?