In the application of "variable costing" as a cost-allocation process in manufacturing,
a. variable direct costs are treated as period costs.
b. nonvariable indirect manufacturing costs are treated as product costs.
c. variable indirect manufacturing costs are treated as product costs.
d. nonvariable direct costs are treated as product costs.
C
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The profit-and-loss-sharing ratio among Simonsen, Paulson, and Richardson is 1:3:2, in the order given. Paulson is retiring from the partnership on December 31, 2017. Paulson is paid $230,000 cash in full compensation for her capital account balance. Which of the following is TRUE of the journal entry prepared at the time of retirement? (Round the final answer to the nearest dollar.)
Simonsen, Paulson, and Richardson are partners in a firm with the following capital account
balances:
A) Debit Paulson's capital account by $230,000.
B) Debit Richardson's capital account by $35,000.
C) Debit Simonsen's capital account by $23,333.
D) Debit Income Summary by $70,000.
When the operating activities section of the statement of cash flows is reported using the direct method:
A. Footnotes to the financial statements disclose the difference between net income and the cash provided or used by financing activities. B. Noncash investing and financing activities is included in the statement of cash flows. C. The income statement is prepared under the cash basis of accounting. D. Net income is adjusted for changes in noncurrent assets and noncurrent liabilities. E. Operating cash receipts minus operating cash payments equals net cash provided (used by) operating activities.
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a. True b. False Indicate whether the statement is true or false
The cooperation between different firms to create value for customers is known as
A) supply chain management. B) operations management. C) change management. D) process management.