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Accounting exam 3

Product Costs Include all costs that are required to make a product I.e Direct Material, Direct Labor, Manufacturing Overhead Are included as part of inventory and shown on the balance sheet until the product is sold. Product costs are often called "inventoriable costs" or "manufacturing costs". When the product is sold, the costs are "matched" to the sales revenue and reported on the income statement as cost of goods sold Period Costs Selling and Administrative costs. These costs ...

key concept number 1Every decision involves choosing from among at least two alternatives. Therefore, the first step in decision making is to define the alternatives being considered. EX: if a company is deciding whether to make a component part or buy it from an outside supplier, the alternatives are make or buy the component part. Similarly, if a company is considering discontinuing a particular product, the alternatives are keep or drop the product. key concept number 2The key to...

Bank overdrafts are generally reported in the current liabilities section as accounts payable:FALSE In the gross method of recording cash discounts, sales discounts are:Recorded when payment is received within the discount period. Which of the following methods of determining annual bad debt expense best achieves the matching concept?Percentage of sales The balance in Allowance for Doubtful Accounts must be considered in computing Bad Debt Expense under the:percentage-of-receivables m...

A customer changes a treadmill at Annie's Sport Shop. The price is $4,000 and the financing charge is 6% per annum if the bill is not paid in 30 days. The customer fails to pay the bill within 30 days and a finance charge is added to the customer's account. What is the amount of the finance charge?$20 A customer charges a treadmill at Annie's Sport Shop. The price is $4,000 and the financing charge is 9% per annum if the bill is not paid in 30 days. The customer fails to pay the bill...

Bank overdrafts are generally reported in the current liabilities section as accounts payable:FALSE In the gross method of recording cash discounts, sales discounts are:Recorded when payment is received within the discount period. Which of the following methods of determining annual bad debt expense best achieves the matching concept?Percentage of sales The balance in Allowance for Doubtful Accounts must be considered in computing Bad Debt Expense under the:percentage-of-receivables m...

Product Costs Include all costs that are required to make a product I.e Direct Material, Direct Labor, Manufacturing Overhead Are included as part of inventory and shown on the balance sheet until the product is sold. Product costs are often called "inventoriable costs" or "manufacturing costs". When the product is sold, the costs are "matched" to the sales revenue and reported on the income statement as cost of goods sold Period Costs Selling and Administrative costs. These costs ...

key concept number 1Every decision involves choosing from among at least two alternatives. Therefore, the first step in decision making is to define the alternatives being considered. EX: if a company is deciding whether to make a component part or buy it from an outside supplier, the alternatives are make or buy the component part. Similarly, if a company is considering discontinuing a particular product, the alternatives are keep or drop the product. key concept number 2The key to...

A customer changes a treadmill at Annie's Sport Shop. The price is $4,000 and the financing charge is 6% per annum if the bill is not paid in 30 days. The customer fails to pay the bill within 30 days and a finance charge is added to the customer's account. What is the amount of the finance charge?$20 A customer charges a treadmill at Annie's Sport Shop. The price is $4,000 and the financing charge is 9% per annum if the bill is not paid in 30 days. The customer fails to pay the bill...

Starbucks’ Human Resource Management Practices Abstract The Starbucks Corporation utilizes its human resources practices and policies as a strategy to gain competitive advantage and drive t he overall success of the company and its globalization efforts. The purpose of this research paper is to analyze Starbucks’ recruiting practices, training structures, and overall human resource management strategies in order to give insight into how the Seattle-based coffee company stands out from its co...