Discuss the two functions of the finance department.
What will be an ideal response?
The two functions of the finance department are (1) financing the business activities by raising money through the sale of stock or bonds or through loans, and paying off the debt and dividends to shareholders and (2) keeping records of transactions, developing budgets, and reporting financial results.
Learning Objective: 5-6: Identify the operational functional strategies, contrast standing plans and single-use plans, describe the value of a time log analysis, and explain how to effectively multitask.
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If cost of goods sold does not equal the cost of merchandise purchased during the period, an adjustment must be made to correct the error
a. True b. False Indicate whether the statement is true or false
It is acceptable to record cash received in advance of providing products or services to revenue accounts if an adjusting entry is made at the end of the period to bring the liability account balance to the correct unearned amount.
Answer the following statement true (T) or false (F)
Lost sales and goodwill are potentially significant costs that may arise from ________.
A. too little inventory B. too much inventory C. Both too little inventory and too much inventory D. poor customer service with inventory
Agustin Industries is a division of a major corporation. Data concerning the most recent year appears below: Sales$18,010,000?Net operating income$810,450?Average operating assets$4,530,000?The division's turnover is closest to:
A. 5.59 B. 22.22 C. 0.18 D. 3.98