Use the information below to answer the following question(s). Marguerite Inc.. expects to sell 20,000 pool cues for $20.00 each. Direct materials costs are $2.00, direct manufacturing labour is $12.00, and manufacturing overhead is $0.80 per pool cue. Each pool cue requires 0.5 kilograms (kg) of material which is all added at the start of […]
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31) Which of the following is true about enterprise resource planning (ERP)? A) ERP is a suite of software applications that integrates existing systems by providing layers of software that connect applications together. B) ERP, though unable to incorporate functions of CRM, includes accounting, manufacturing, inventory, and human resources applications. C) The layers of ERP […]
6) The actual costs of all individual overhead categories are recorded in the manufacturing overhead control account as credit entries. 7) The manufacturing overhead control account and the manufacturing overhead allocated account both have zero balances at the end of each year after all adjustments are recorded. 8) The general ledger account that combines the […]
11.Which of the following statements is correct in relation to the recognition of expenses? a.Under the Conceptual Framework, the recognition of expenses is based on the matching process. b.The recognition of expenses is not subject to the same degree of regulation as revenue. c.Under the Conceptual Framework, recognition of expenses is not tied to the […]
11) Treasury Department Circular 230 regulates the practice of attorneys, CPAs, enrolled agents, and enrolled actuaries before the IRS. 12) Anyone who prepares a tax return is subject to the provisions of Circular 230. 13) The Internal Revenue Service is part of the A) Congress. B) Treasury Department. C) Federal Bureau of Investigation. D) U.S. […]
125. What accounting records are used by accounts payable personnel to keep track of amounts owed to each vendor? 126. Identify some inefficiencies inherent in a manual expenditures processing system. 127. What are the advantages of BPR? 128. List three examples of BPR used in the expenditures processes. 129. Explain how system logic errors […]
10.6 Describe the impact of time as a cost driver. 1) The customer response time reveals how quickly customers respond to a company's new products. 2) Customer response time is the time between when a company first markets a new product, and when sales exceed supplies on hand (test inventory). 3) Uncertainty about when customers […]
56.This governing group is the federal regulatory agency responsible for protecting the interests of investors by making sure that public companies provide complete and transparent financial information: A.COSO B.SEC C.FASB D.IASB 57.This governing group created the framework for internal controls evaluations: A.COSO B.SEC C.FASB D.IASB 58.It is necessary that certain stakeholders remain independent related to […]
81) Refer to Table 10-7. Calculate and record the amortization expense for the truck for the year 2016 using the straight-line method. 82) Refer to Table 10-7. Calculate and record the amortization expense for the truck for the year 2016 assuming the the unit-of-production method is used and that the truck […]
True or False 1) Hardware consists of electronic components and related gadgetry that input, process, output, and store data according to instructions encoded in computer programs or software. 2) Printers are examples of output hardware. 3) A flatbed plotter is an example of an input device. 4) The CPU selects instructions, processes them, performs arithmetic […]
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