Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
When the manager has the responsibility and authority to make decisions that affect Costs and revenues but no responsibility for or authority over assets invested in the department, the department is called:
A. A cost center
B. A profit center
C. An investment center
D. A service department
Concept Introduction:
Cost center:
Cost center incurs costs and does not generate the revenue directlyInvestment Center:
Investment center takes care of revenue, cost and investment
Profit Center:
Profit center generate revenue and incur expenses
To choose:
The correct option for the center
B. A Profit Center
Explanation for correct answer:
Profit center generate revenue and incur expenses and its decisions affect costs and revenues. Hence the correct option is B.
Explanation for incorrect answers:
A. Profit center generate revenue and incur expenses and its decisions affect costs and revenues. Hence this option is incorrect.
C. Profit center generate revenue and incur expenses and its decisions affect costs and revenues. Hence this option is incorrect.
D. Profit center generate revenue and incur expenses and its decisions affect costs and revenues. Hence this option is incorrect.
Chapter 14 Solutions
Additional Business Solutions
Find more solutions based on key concepts
Show solutions addLean accounting Audio Escape Inc. manufactures audio speakers. Each speaker requires 145 per unit of direct mat...
Financial & Managerial Accounting
In which column of the work sheetIncome Statement (IS) or Balance Sheet (BS)would the adjusted balances of the ...
College Accounting (Book Only): A Career Approach
Activity-based costing Casual Cuts Inc. has total estimated factory overhead for the year of 225,000, divided i...
Accounting (Text Only)
TRIAL BALANCE The following accounts have normal balances. Prepare a trial balance for Kennys Lawn Service as o...
College Accounting, Chapters 1-27
Contribution Margin Ratio, Variable Cost Ratio, Break-Even Sales Revenue The controller of Ashton Company prepa...
Managerial Accounting: The Cornerstone of Business Decision-Making
FINANCIAL RATIOS Based on the financial statements, shown on pages 605606, for McDonald Carpeting Co. (income s...
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
List the steps in the closing procedure in the correct order.
College Accounting (Book Only): A Career Approach
The treasury stock in Discussion Question 7 is resold for 3,750,000. A. What is the effect on the corporations ...
Financial And Managerial Accounting
Recent fiscal years for several well-known companies are as follows: Company Fiscal Year Ending J. C. Penney Co...
Financial & Managerial Accounting
Analyze and compare Amazon.com to Netflix Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in t...
Corporate Financial Accounting
ORGANIZATIONAL CHART Prepare an organizational chart for your university. (Your campus phone directory catalog ...
Accounting Information Systems
Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Determine the cost of merchand...
Financial Accounting
What two methods may a company use to amortize a premium or discount over the life of a bond issue? Briefly des...
Intermediate Accounting: Reporting And Analysis
The following units of an item were available for sale during the year: The firm uses the perpetual inventory s...
Financial Accounting
In Chapter 7, we saw that if the market interest rate, rd, for a given bond increased, the price of the bond wo...
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Contrast how marketing plans differ at various levels in an organization.
Contemporary Marketing
The Nielsen Company surveyed consumers in 47 markets from Europe, Asia-Pacific, the Americas, and the Middle Ea...
Statistics for Business & Economics, Revised (MindTap Course List)
PRESENT VALUE What is the present value of a security that will pay 5,000 in 20 years if securities of equal ri...
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Central City Museum The recently completed new building to house the exhibits and staff of the Central City Mus...
Management, Loose-Leaf Version
Give an example of a private solution to an externality. What is the Coase theorem? Why are private economic ...
Principles of Economics (MindTap Course List)
(Total Cost and Marginal Cost) Complete the following table, where L is units of labor, Q is units of output, a...
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
The benefit of diversification when constructing a portfolio is that it can eliminate a. speculative bubbles. b...
Brief Principles of Macroeconomics (MindTap Course List)
Water is necessary for life. Is the marginal benefit of a glass of water large or small?
Essentials of Economics (MindTap Course List)
Modigliani and Miller (MM), on the one hand, and Gordon and Lintner (GL), on the other hand, have expressed str...
Fundamentals of Financial Management (MindTap Course List)
EXPECTED INTEREST RATE The real risk-free rate is 3%. Inflation is expected to be 3% this year, 4% next year, a...
Fundamentals of Financial Management (MindTap Course List)
Why do economists use real GDP rather than nominal GDP to gauge economic well-being?
Principles of Macroeconomics (MindTap Course List)
In a supply-and-demand diagram, show producer and consumer surplus at the market equilibrium.
Principles of Macroeconomics (MindTap Course List)
Why would the benefits-received principle be difficult to apply to national defense and the provision of the ju...
Exploring Economics
Explain how and why firms implement positioning strategies and how product differentiation plays a role
MKTG 12:STUDENT ED.-TEXT
How does a sole proprietorship differ from partnership?
Foundations of Business (MindTap Course List)
Talent Assessments: Reviewing Job Scenarios. What do Macy's, PetSmart, Radio Shack, Walmart, and Burger King ha...
Essentials of Business Communication (MindTap Course List)
Figure 1.7 provides a bar chart showing the annual revenue for Google from 2004 to 2014. (The Wall Street Journ...
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Describe some of the trade-offs faced by each of the following: a. a family deciding whether to buy a new car b...
Principles of Microeconomics (MindTap Course List)
What are the basic components of a database management system (DBMS)? Discuss the relationship between the comp...
Pkg Acc Infor Systems MS VISIO CD
Overstating receivables will keep the bank from calling our loan. Although some may think it is fraud, no one i...
Accounting Information Systems
Explain why the direct materials price variance is often computed at the point of purchase rather than at the p...
Cornerstones of Cost Management (Cornerstones Series)
Case 3-81 CONTINUING PROBLEM: FRONT ROW ENTERTAINMENT Cam and Anna are very satisfied with their first month of...
Cornerstones of Financial Accounting
Sheila Williams, a medical secretary, earns 3,575 monthly for a 35-hour week. For overtime work, she receives e...
PAYROLL ACCT.,2019 ED.(LL)-TEXT
What is the difference between adjusting entries and correcting entries?
Corporate Financial Accounting
What information should a buyer gather about a supplier before entering a negotiation?
Purchasing and Supply Chain Management
Should grades in an economics class be rationed according to dollar price instead of how well a student does on...
Macroeconomics
Do changes in MPP influence unit costs? Explain your answer.
Economics (MindTap Course List)
If the model of politics and government presented in this chapter is true, what are some of the things we would...
Microeconomics
As shown in Exhibit A-7, if the market is in equilibrium, _______________ represents producer surplus. a. ADFB ...
Economics For Today
Find all the answers to your study problems with bartleby.
Textbook solutions plus Q&A. Get As ASAP arrow_forward
