After all adjustments are made for the actual and applied overhead, an adjustment for underapplied or overapplied overhead is needed
Indicate whether the statement is true or false
T
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Lee Carter Inc forecast of sales is as follows: July, $50,000; August, $80,000; September, $150,000. Sales are normally 75 percent cash and 25 percent credit. Credit sales are collected in full in the following month. Merchandise cost averages 70 percent of sales price. The company desires an inventory as of September 30 of $50,000. The inventory as of June 30 was $30,000. The accounts receivable
had zero balance on June 30. Total purchases that must be made in order to meet sales and inventory requirements of Lee Carter for the quarter amount to A) $216,000. B) $176,000. C) $246,000. D) $226,000.
The controller's staff often consists of several management accountants. All of the following would most likely be on the controller's staff EXCEPT:
A) general accountants B) budgets and budget analysts C) investments and shareholder relations managers D) cost accountants
Which of the following is not true of teams?
a. When teams are less managed, team members tend to be more motivated, creative, and learn faster. b. Teams seem to perform better under some circumstances than larger organizational groupings. c. When weaker performers are a part of a team, they become better. d. Teams measure their own quality and effectiveness.
The Export-Import Bank of the United States
A. is owned and operated by Fortune 500 companies. B. is an independent agency of the U.S. government. C. aids foreign nations experiencing balance-of-payments problems. D. guarantees credit to American buyers of foreign goods. E. closed its operations in 1991.