In industries where there is a high degree of competition among suppliers, reverse auctions can be an efficient way to conduct and manage the price bidding that would naturally occur in that market.

a. True

b. False

In a process costing system, direct material costs incurred are recorded: Select one: a. Indirectly to a Work in Process Inventory account from Factory Overhead. b. Indirectly to a Finished Goods Inventory account from Factory Overhead. c.

When Jill was asked, she chose cars over stomach cancer as the cause of more U. S. deaths per year. When asked why she chose the wrong answer, she said, "I hear about fatal car accidents every day. I never hear about stomach cancer.

A friend of Mr. Richards recently won a law suit for $30 million. They have the ability to either take the payments over 10 years or settle today for cash of $25 million today. Mr.

Addison Co. budgets production of 2,750 units during the second quarter. Other information is as follows: Direct labor Each finished unit requires 3 direct labor hours, at a cost of $7 per hour.

Payroll was one of the first accounting applications to be automated because: a. it was the most crucial to business success b. it involved a highly repetitive, routine series of calculations c.

What is happening to the economy in the United States? Why?

In a make-or-buy decision, a. the company would consider all fixed overhead to be irrelevant. b. the company would consider the purchase price of the externally provided good to be relevant. c.

3. Categories of expenditures Edison and Hilary Girard live in Swarthmore, PA. Hilary's father, Kevin, lives in Sweden. For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U. S.

Cullumber Company had the following transactions involving notes payable. July 1, 2019 Borrows $50,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2019 Borrows $60,600 from Lyon County State Bank by signing a 3-month, 6% note.

When a country saves a larger portion of its GDP than it did before, it will have