Unless its articles of incorporation provide for a specified period of duration, a corporation has:
a. total existence
b. permanent existence c. perpetual existence d. final existence
e. existence of perpetual duration
c
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Outline the characteristic of a world-class company
A company has cost of goods available for sale of $250,000, sales of $287,000, and a gross profit percentage of 30 percent. Using the gross profit method, what is the ending inventory?
a. $113,000 b. $50,000 c. $49,100 d. $163,900
If an individual’s performance is inadequate, which of the following should NOT be considered as a possible cause
A. The individual had insufficient training B. The individual had a lack of resources C. The individual does not have altruistic impulses D. The individual is not motivated to perform at a high level
Some companies have moved to JIT without changing the substance of their accounting systems. Relying on the former accounting system may present problems for management because
a. traditional accounting systems are designed to track items (labor efficiency, purchase price, overhead absorption) that are no longer primary concerns of management. b. control of cost drivers will be lost. c. managers do not understand the new manufacturing environment. d. traditional accounting systems discourage the creation of large inventories that are necessary to ensure uninterrupted production runs.