The use of the qualifying word(s) __________ is/are understood to place purchasers on notice that they may not rely on the credit of the person using this language
a. "Accepted"
b. "Certified"
c. "Without recourse"
d. "Insufficient funds"
c
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For each of the characteristics below, identify whether it is a focus of financial accountingor managerial accounting. Use the letter F to identify financial accounting and M to identifymanagerial accounting._____ 1. Users are generally investors, creditors, analysts, and regulators._____ 2. Used to assist managers in making planning and control decisions._____ 3. Information is structured and controlled by GAAP._____ 4. Information is available quickly without the need to wait for an audit._____ 5. Information is mainly historical with some predictions._____ 6. Emphasis of the information is a company's projects, processes, and divisions._____ 7. Information is mostly monetary, but includes nonmonetary information.
What will be an ideal response?
Payback occurs when net costs equal net benefits accumulated over the project years
Indicate whether the statement is true or false
Olga enters into a contract to buy a refrigerator from a Prairie States Appliance store with the price to be paid in monthly installments. After thirty-six months of payments, Olga has paid more than twice the price of a similar stove. Eighteen payments remain due under the contract. Refer to Fact Pattern 20-1. Under the UCC, the court can evaluate the contract to determine whether it was
unreasonably unfair and one sided A) at the time it was made. B) at the end of its term. C) in the middle of its performance. D) at the time of Olga's suit.
Johanson Corporation uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. The standard cost card for the company's only product is as follows: InputsStandard Quantityor HoursStandard Price or RateStandard CostDirect materials3.4pounds$8.00per pound$27.20Direct labor0.70hours$21.00per hour 14.70Fixed manufacturing overhead0.70hours$13.50per hour 9.45Total standard cost per unit $51.35During the year, the company purchased 89,600 pounds of raw material at a price of $7.80 per pound and used 79,120 pounds of the raw material to produce 23,300 units of work in process. Assume that all transactions are recorded on a worksheet as shown in the text. On the left-hand side of the equals sign
in the worksheet are columns for Cash, Raw Materials, Work in Process, Finished Goods, and PP&E (net). All of the variance columns are on the right-hand-side of the equals sign along with the column for Retained Earnings.When recording the raw materials purchases, the Raw Materials inventory account will increase (decrease) by: A. $698,880 B. ($698,880) C. ($716,800) D. $716,800