Control plans that relate to a multitude of goals and processes are called _____________________________
_.
Fill in the blank(s) with correct word
(
Q. 2) Current liabilities are liabilities that ________.
A) must be satisfied within two years
B) must be paid from revenues
C) must be of a definite amount
D) are to be settled within one year
(
Q. 3) The act that requires most employers to withhold certain amounts from employees' earnings for contributions to the Social Security and Medicare programs is called the
a. Federal Unemployment Tax Act.
b. Federal Withholding Tax Act.
c. State Unemployment Tax Act.
d. Federal Insurance Contributions Act.
(
Q. 4) All of the following payments were made by UIB Co. for machinery the company bought and used during the year. Which of these expenditures should NOT be capitalized?
A) a payment made to install the machinery at the factory
B) the cost of electricity to operate the machine for the first year of use
C) the cost of insurance while the machine was in transit from the seller's warehouse
D) the costs of testing the machine in preparation for use
(
Q. 5) Cost flow is in the order in which costs were incurred when using
a. average cost
b. last-in, first-out
c. first-in, first-out
d. weighted average
(
Q. 6) Denise Cruz receives a regular salary of 900 a month and is entitled to overtime pay at the rate of one and one-half times the regular hourly rate for any time worked in excess of 40 hours per week. Cruz's overtime rate of pay is
a. 5.63.
b. 7.79.
c. 8.44.
d. 22.50.
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