Typically, each action plan carries a budget item
Indicate whether the statement is true or false
TRUE
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Factory overhead includes:
a. Indirect labor but not indirect materials. b. All manufacturing costs except direct materials and direct labor. c. All manufacturing costs. d. Indirect materials but not indirect labor.
Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the application of factory overhead to production is:
A. Debit Work in Process Inventory $225,000; credit Factory Overhead $225,000. B. Debit Work in Process Inventory $165,000; credit Factory Overhead $165,000. C. Debit Work in Process Inventory $165,000; credit Factory Payroll $165,000. D. Debit Factory Overhead $165,000; credit Work in Process Inventory $165,000. E. Debit Factory Payroll $150,000; credit Work in Process Inventory $150,000.
When consolidating parent and subsidiary financial statements, which of the following statements is true?
A. Goodwill should be expensed in the year of acquisition. B. The value of any goodwill should be tested annually for impairment in value. C. Goodwill is never recognized. D. Goodwill may be recorded on the parent company's books. E. Goodwill required is amortized over 20 years.
A certificate of deposit is a form of note in which the bank is the maker
Indicate whether the statement is true or false