Customers are demanding increased levels of performance in all aspects of the value chain and the supply chain. – True
depreciation – a cost allocation process used to allocate the acquisition cots to the periods benefited by the assets' use
An internal auditor reconciling the bank statement monthly is an example of
A. segregation of duties.
B. independent internal verification.
C. establishment of responsibility.
D. documentation procedures. – B
permanent accounts – do not close
assets, liabilities, common stock, Retained Earnings
Commercial paper – Company borrows from another company rather than the bank
cost-benefit constraint – benefit information is greater than the cost of gathering information
The cost of a fixed asset less accumulated depreciation is: – Book value (Undepreciated Cost)
Leukemia cells are frequently present in the peripheral blood and commonly invade the reticuloendothelial tissue which includes the __________.
Users of Accounting Information – Owners, Managers, Creditors and Government Agencies.
11. – Know how to calculate the discount amount when given terms such as 2/10, n/60
accounting – an information system relating to the financial activities of a business
Which of the following statements regarding manufacturing overhead allocation is FALSE?
a. It includes all manufacturing costs that cannot be directly traced to a product or service.
b. The costs can be grouped in either a single indirect-cost pool or in multiple indirect-cost pools.
c. Total costs are unknown at the end of the accounting period.
d. Allocated amounts are debited to Work-in-Process. – c. Total costs are unknown at the end of the accounting period.
Lower of Cost or Market – Rule that merchandise inventory should be reported in the financial statements at whichever is lower. Its historical cost or its market value.
Leukemiа cells аre frequently present in the peripherаl blооd and cоmmonly invade the reticuloendothelial tissue which includes the __________.
In your own words be able to explain: – 14.
proxy ballot – a voting ballot that gives you a part of the control in the company
accounts payable ledger – a subsidiary ledger containing only account for vendors from whom merchandise or other items are purchase on account
activities affecting long term assets are referred to as – investing activities
convertible bonds – converted into common stock

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